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Argentex, a UK-based company, rejects Lavide’s investment proposal

Argentex announced on Monday that it had rejected a proposal by Lavide Holding NV, based in the Netherlands, to acquire a 50% stake of the British currency risk management company for 2.5 million pounds (3.39 million dollars) and a possible provision of a credit line up to 15 million pounds.

The British company refused the proposal because it did not cover the entire share capital or provide sufficient funding compared with an agreement made with IFX Payments.

According to LSEG, Lavide has a current market capitalisation worth 3 million euros.

Argentex experienced a near-total collapse of value after it halted trading in April. It was one of the earliest casualties in a prolonged bout of turmoil in global financial markets caused by trade tensions.

By 1134 GMT, shares of the company had risen 22.4% to 3 pence.

Argentex accepts a

Takeover offer

IFX Payments, a cross-border payment provider, valued the company at approximately 3 billion pounds in late April. It also provided it with a secure bridge funding of around 6.5 million pounds.

(source: Reuters)