Hypercom Rejects VeriFone Buyout Offer
Hypercom said the VeriFone offer of $5.25 a share in cash 'significantly undervalues' the electronic payment company.
SCOTTSDALE, Ariz. (
) --
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
TheStreet Recommends
"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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