Due diligence

OzForex Moves Ahead with Western Union Offer

The Australian broker has vouched to refrain from soliciting and negotiating competing offers for the time being.

OzForex announced in a regulatory filing that it has granted exclusive due diligence rights to Western Union, the money transfer major that approached the Australian broker with an acquisition offer last week.

The broker said that it has agreed not to solicit, negotiate or enter into possible acquisition agreements with any other suitors for the duration of the due diligence period. It will also not provide any such companies with non-public information. At the same time, OzForex’ board of directors remains free to consider other offers.

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The broker reiterated that these are still the very early stages of negotiations with Western Union and that there is no certainty that the latter’s proposal will progress to a binding offer.

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