- Alpha Group announced last Friday that it was in discussions with Corpay
Financial services firm Alpha Group International has turned down a takeover bid from US business payments giant Corpay.
Alpha, which provides fintech and consultancy services, announced last Friday that it was in discussions with Corpay regarding a potential cash offer.
But the London-based firm told investors on Tuesday that its board had unanimously rejected the proposal, having ‘carefully considered’ it with financial advisers.
Under City takeover rules, Corpay now has until 5pm on 30 May to put forward a concrete offer for Alpha or walk away.
Headquartered in Atlanta, Georgia, the S&P 500 company was previously known as Fleetcor and designs tools that allow businesses to pay vendors.
It achieved record turnover of almost $4billion last year, alongside an adjusted net income of $1.4billion.
No thank you: Financial services firm Alpha Group International has turned down a takeover bid from business payments giant Corpay
Alpha Group International shares were 5.7 per cent up at £29.70 on late Tuesday afternoon, making them one of the FTSE 250’s biggest risers.
Alpha’s rejection of Corpay’s approach comes on the same day Deliveroo agreed to a £2.9billion takeover by fellow takeaway giant DoorDash.
Deliveroo’s co-founder, Will Shu, could make a reported £172million from the sale, given his 6.4 per cent stake in the firm.
The London-listed platform only scored its first annual profit last year after struggling since its founding in 2013 with massive losses caused by high staff, marketing and technology costs from pursuing breakneck expansion.
Should the acquisition be finalised, DoorDash will have a presence in nine countries where it does not currently operate, including the UK, Ireland, France and Italy.
It will also represent another loss for the London Stock Exchange, which is losing multiple prominent companies to foreign predators.
Among the UK groups bought last year were music rights investor Hipgnosis Songs Fund, cybersecurity specialist Darktrace, and building products manufacturer Tyman.
And since the start of 2025, Bank of England currency printer De La Rue, GP surgeries owner Assura, and investment firm BBGI Global Infrastructure have all struck takeover deals.
Many analysts have blamed the high level of acquisition activity on the discounted valuations possessed by British businesses.
Russ Mould, investment director at AJ Bell, said: ‘European shares remain cheap relative to the US market despite greater investor interest this year.
‘That means markets like the UK are still ripe for M&A given widespread valuation opportunities. If a foreign or domestic company was in the mood to do deals, there remain plenty of UK-listed stocks ripe for the taking.’
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