IFX Payments may withdraw Argentex takeover offer after administration
Investing.com -- IFX Payments announced Monday it is considering withdrawing its takeover offer for Argentex (LON:AGFX), following the British currency risk management company’s decision to appoint administrators.
On Friday, Argentex revealed it had made this decision after its main trading unit halted operations when it failed to secure necessary funding.
IFX stated that under the terms of the agreed deal, it reserved the right to withdraw its offer if any insolvency process was initiated, pending consultation with relevant authorities.
In May, Argentex secured a £20 million loan from IFX and announced the resignation of its finance chief Guy Rudolph along with several board members.
Argentex is among the early casualties of market turbulence sparked by trade tensions.
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