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Firm swayed by £3bn bid

Paysafe board recommends buyout

An Isle of Man payment company looks set to snap up a £3 billion buyout offer, following the recommendation of its board of directors.

Paysafe was presented with the bid last month by a European and US private equity partnership, CVC and Blackstone.

Douglas-based Paysafe, which works mainly with the eGaming industry, was listed on the FTSE250 last year.

In a statement, its directors say the latest 590p-per-share cash offer - which equates to around 14 times Paysafe's earnings - is 'fair and reasonable'.

Paysafe's largest shareholder, Old Mutual Global Investors, is also reported to have recommended the offer.

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