July 5, 2017 / 10:17 AM / in 3 months

Worldpay to back takeover from U.S. credit card tech firm Vantiv: Sky News

(Reuters) - Worldpay Group Plc (WPG.L), Britain’s largest payment processor is “close to” recommending a takeover offer from U.S. credit card technology firm Vantiv Inc (VNTV.N), Sky News reported citing sources.

Worldpay said on Tuesday that it had received rival bid approaches from Vantiv and JPMorgan Chase Bank (JPM.N), sending its shares to a record high.

Worldpay declined to comment when contacted by Reuters. Vantiv and JPMorgan did not immediately respond to emails and calls seeking comments outside of regular business hours in the United States.

Worldpay would announce an 8.5 billion pounds ($10.97 billion) deal with Vantiv later on Wednesday, Sky News reported.

JPMorgan had revealed a bid price to Worldpay, the media report also said.

Worldpay’s stock, which rose 27.7 percent on Tuesday, was up 4.8 percent at 428 pence at 1000 GMT on Wednesday, giving the firm a market valuation of 8.6 billion pounds according to Thomson Reuters calculation.

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Rachel Armstrong

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