Multicurrency digital payment processor Fintrax Group has completed a tender offer to purchase all outstanding common shares and series A preferred stock of Planet Payment Inc.
As of 5 p.m. ET on Dec. 18, the initial expiration of the tender offer, approximately 45,541,649 common shares and 1,535,398 shares of series A preferred stock were validly tendered and not withdrawn in the tender offer, which represents approximately 79.4% of Planet’s currently outstanding common shares on a fully diluted basis.
The condition to the tender offer that a majority of Planet's outstanding common stock on a fully diluted basis and a majority of Planet Payment's series A preferred stock be validly tendered and not withdrawn has been satisfied. As a result, Fintrax US Acquisition Subsidiary Inc. has accepted for payment all shares validly tendered and not withdrawn and will promptly pay for such shares.
In addition, with the merger planned to be effected by Dec. 20, all remaining eligible Planet Payment common shares will be converted into the right to receive $4.50 per common share in cash and $13.725 per preferred share, without interest and less any applicable withholding taxes. As a result of the merger, Planet Payment will become a wholly owned subsidiary of Fintrax. Thereafter, Planet Payment common stock will cease to be traded on The NASDAQ Stock Market.