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AIM-listed Monetise, worth about 2 billion pounds at its peak in
early 2014, blazed a trail by linking banks and mobile operators
to build a business capable of handling billions of dollars in
mobile payments, purchases and money transfers.
But the company, founded in 2003, then faced increased
competition from free mobile payment systems offered by the
likes of Alphabet Inc and Apple Inc.
In 2015, Monitise put itself up for sale, blaming changes in its
business model for a string of revenue warnings, but failed to
find a buyer.
Tuesday's offer of 2.9 pence in cash per Monitise share,
represents a premium of 26 percent to the share's close of 2.30
pence on Monday.
Monitise, which has been advised by Canaccord Genuity on the
deal, consider the terms to be "fair and reasonable".
($1 = 0.7890 pounds)
(Reporting by Noor Zainab Hussain in Bengaluru; editing by Jason
Neely)
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