Alpha Group rejects all-cash takeover proposal from Corpay

(Sharecast News) - Alpha Group confirmed on Tuesday that it has received a preliminary all-cash takeover proposal from Corpay, to acquire the entire issued and to be issued share capital of the company, but said its board unanimously rejected the approach after consultation with financial advisers. The FTSE 250 company said that under UK takeover rules, Corpay had until 1700 BST on 30 May to either announce a firm intention to make an offer under the Takeover Code, or confirm it did not intend to proceed.

It said the deadline could only be extended with the consent of the Takeover Panel.

Alpha said a further announcement would be made if and when appropriate.

At 1114 BST, shares in Alpha Group International were up 2.14% at 2,870p.

Reporting by Josh White for Sharecast.com.