EML Payments keeps bankers close as swoopers circle

Anthony Macdonald, Sarah Thompson and Kanika Sood

Jul 17, 2022 – 9.33pm

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The sharks are circling bombed-out EML Payments – but much to their chagrin the company’s board hasn’t been all that keen to take them seriously.

EML Payments offers prepaid payments cards.

Three months after EML Payments confessed to going a few rounds of takeover talks with Bain Capital (only after Street Talk reported it), other potential suitors have popped up only to receive even less engagement.

Fingers pointed to Canada’s Nuvei Corp and Bain Capital’s private equity rivals as the interested parties, although EML Payments declined to comment when contacted by Street Talk on Sunday.

Sources said the payments technology company’s boards’ unwillingness to engage had created some friction within EML’s ranks, with some insiders believing it would be in the company’s best interests to get its house in order away from the prying eyes of listed markets.

It all comes as EML shares are down 75 per cent this year, and the company lost long-term CEO and managing director Tom Cregan last week.

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EMLEML Payments

$1.020 -2.86%

1 year1 day

Jul 21Oct 21Jul 220.8502.5504.250

Updated: Jul 18, 2022 – 8.38am. Data is 20 mins delayed.

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