Shares of Payfare Inc. (TSX: PAY) (OTCQX: PYFRF) are surging on news that the company is being acquired by Fiserv, Inc. (NYSE: FI). Fiserv, a global provider of payments and financial services technology will acquire all of the issued and outstanding common shares of Payfare for CA$4.00 in cash per share, for total consideration of approximately CA$201.5 million.
The Purchase Price represents a premium of approximately 90% to the closing price on the Toronto Stock Exchange of the common shares on December 20, 2024, the last trading day prior to the announcement of the Transaction, and a premium of approximately 92% to the 60-day volume weighted average trading price of common shares as at that date.
Payfare is an international Earned Wage Access company powering instant access to earnings through an award-winning digital banking platform for today’s workforce. Payfare partners with leading e-commerce marketplaces, payroll platforms, and employers to provide financial security and inclusion for all workers.
Shares of PAY are up $1.66, or 78.44% at $3.765 in late morning trading as investors applaud the acquisition news.
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