StoneX Group said it does not intend to proceed with an offer for CAB Payments Holdings. The US-based financial services firm had raised its possible bid to 110 pence per share, up from an earlier 95 pence approach. CAB Payments’ board had indicated it would be “minded to recommend” the higher proposal.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)StoneX Ends Pursuit After Helios RefusalThe Helios consortium, which holds about 45% of CAB Payments, declined to support the offer. StoneX said it was “disappointed” that Helios would neither give an irrevocable undertaking nor otherwise agree to back or accept its terms. According to Alliance News, without that support from the largest shareholder, StoneX chose to step awayHelios had previously put forward a firm offer of USD1.15 per share for CAB Payments. The consortium described its proposal as the only “firm and deliverable” bid for the company. Its refusal to endorse StoneX’s higher-price approach effectively blocked that route.Following StoneX’s withdrawal, CAB Payments’ shares closed at 83.70 pence in London on Tuesday, down 0.4% on the day. The price remains below both the level implied by the Helios offer and the 110 pence per share floated by StoneX.Continue reading: Forex.com Owner StoneX Adds Crypto Offering Under MiCA LicenceStoneX’s interest in CAB Payments came after a difficult period for the London-listed company, which has faced pressure since its IPO and attracted opportunistic bids as its share price lagged its flotation valuation. Helios Holds to Its Own ProposalCAB Payments listed in London in 2023, focusing on cross-border payments to emerging and frontier markets, but the stock struggled amid concerns over revenue volatility and regulatory risks in some of its key corridors.StoneX has built a clear deal-making track record in recent years as it expands its trading, payments and markets infrastructure. It has bought businesses that plug into its existing network, such as UK-based JBR Recovery’s precious metals recycling and refining arm, which it folded into its metals unit to secure more supply and add refining capacity. Alongside these moves in metals and payments, StoneX has used acquisitions to grow its capital markets and brokerage footprint. It agreed to buy US broker-dealer The Benchmark Company to strengthen its equity and debt capital markets, research and investment banking services. It has also targeted futures and clearing scale, including a deal to acquire long-established futures broker R.J. O’Brien, bringing more clients and volume onto its platform. This article was written by Jared Kirui at www.financemagnates.com.

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