Western Union Makes Takeover Approach to OzForex

Australian Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term broker OzForex said US money transfer major Western Union has approached it with an offer to acquire 100 percent of the company at a price between AUD 3.50 ($2.51) and AUD 3.70 ($2.65) per share.

The offer, worth up to AUD 888 million in total ($636.4 mln), is conditional on access to due diligence, keeping the company’s current management, and the regulatory approvals applicable in such deals.

OzForex said its board of directors will review the preliminary offer and evaluate it, after which it will inform shareholders and the market about its recommendation. The company noted in its statement that without the takeover offer, the Forex Broker Forex Broker In the forex space, a broker is any company that can provide traders with access to a platform that permits the buying and selling of multiple currencies.The retail forex industry has grown over the past two decades to include every major jurisdiction, which in turn has necessitated new regulatory oversight. Relative to the institutional sector, retail brokers are rather small portion of the greater forex market. However, traders can rely on brokers for leveraged trading in a 24-hour-a-day marke In the forex space, a broker is any company that can provide traders with access to a platform that permits the buying and selling of multiple currencies.The retail forex industry has grown over the past two decades to include every major jurisdiction, which in turn has necessitated new regulatory oversight. Relative to the institutional sector, retail brokers are rather small portion of the greater forex market. However, traders can rely on brokers for leveraged trading in a 24-hour-a-day marke Read this Term is well placed for further growth on its own.

OzForex reported record-high financial metrics for the first-half of its financial year, with revenues reaching $10 billion, up 34 percent on the year, and operating profits at $53.6 million, up almost 30 percent on an annual basis.