Ann: Cashrewards enters into Bid Implementation Deed with 1835i, page-28

Seems a crazy time to sell. The banks are trying to find ways to compensate for declining interchange fees which is how they fund their points programs, and increasingly turning to merchants to fund offers. Look at CBAs investment in Little Birdie, $30m down pre-revenue. And now its integrated into NetBank, giving Little Birdie access to millions of customers, without having to sell the entire business to CBA. CRW was already attracting retailers who are part of other loyalty programs (e.g. Target and Liquorland who are part of Flybuys) so clearly must be driving incremental sales CRW should have been given oxygen and time to grow.