Shift4 CEO tells staff potential bids fail to ‘sufficiently value’ firm, Bloomberg News reports
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(Reuters) – Payments processor Shift4 Payments’ Chief Executive Officer Jared Isaacman said bids from potential contenders have failed to “sufficiently value” the company, Bloomberg News reported on Sunday.
The board determined that none of the “multiple offers” received by Shift4 adequately valued the business or the company’s future, even though the offers were above its Shift4’s current share price, the report said, citing a memo to the company’s staff on Friday.
Shift4 did not immediately respond to a request for comment on the Bloomberg report.
Reuters had reported in February that Fiserv (NYSE:FI) and Amadeus Group are competing to acquire Shift4 Payments, which has a market value of nearly $7 billion.
Shift4 collects fees from clients, ranging from restaurants, casinos and hotels, to sports teams like the San Francisco 49ers, to facilitate their payments. It processes more than $200 billion worth of annual transactions for over 200,000 customers, according to its website.
