Shares of Cardtronics (CATM) - Get Report jumped Friday after the ATM owner said it received and reviewed an unsolicited takeover bid at $39 a share, compared with the one it signed less than a month ago at $35 a share.
The Houston company said the board decided to enter a non-disclosure agreement with the new bidder in order to share nonpublic information during negotiations.
Meantime, the acquisition agreement it signed in December remains intact, Cardtronics said.
Cardtronics shares at last check jumped past $41, indicating that investors figure that a yet higher proposal might come through.
This announcement comes three weeks after Cardtronics agreed to be purchased by the private-equity firm Apollo Global Management and Hudson Executive Capital for $35 a share, or $2.3 billion.
That price represented a 60% premium to Cardtronics' volume-weighted average share price over the 30 days prior to Dec. 8, when news of a potential deal first leaked.
That deal was expected to close in the first half.
The new deal proposal, Cardtronics said, included "a letter from a reputable financial institution indicating that it is highly confident of its ability to arrange and syndicate the debt financing" required to close the deal. The new proposal is subject to a due-diligence review of Cardtronics and final approval from the board, Cardtronics said.
Goldman Sachs is financial adviser to Cardtronics while RBC Capital, Barclays and Mizuho are financial advisers to Apollo and Hudson Executive.
In late October, Cardtronics reported quarterly earnings of 49 cents a share, topping analyst estimates of 30 cents per share. Revenue reached $279.4 million from $273.8 million.
Cardtronics is a financial self-service provider, enabling cash transactions at 285,000 ATMs across 10 countries in North America, Europe, Asia-Pacific and Africa.