Hypercom Rejects VeriFone Buyout Offer

Hypercom said the VeriFone offer of $5.25 a share in cash 'significantly undervalues' the electronic payment company.
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SCOTTSDALE, Ariz. (

TheStreet

) --

Hypercom

(HYC)

rejected an unsolicited takeover proposal from

VeriFone Systems

(PAY)

of $5.25 a share in cash.

Hypercom, in a press release Thursday, said the

VeriFone offer

"significantly undervalues" the electronic payments company.

"Hypercom believes that VeriFone's proposal is opportunistic and intended to disrupt its business, which has successfully taken market share from VeriFone in several markets," Hypercom said.

Hypercom shares rose 43.5% to $6.07 in premarket trading Thursday.

-- Written by Joseph Woelfel

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Joseph Woelfel

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