American financial services organisation The Western Union Company have submitted an indicative proposal to acquire 100 per cent of the shares of Australian online foreign exchange and payments company OzForex Group Limited.

American financial services organisation The Western Union Company have submitted an indicative proposal to acquire 100 per cent of the shares of Australian online foreign exchange and payments company OzForex Group Limited.

Currently, OzForex is a global provider of online international payment services for consumer and business clients.

The proposal is preliminary and non-binding, contemplating an all cash consideration of between $3.50 to $3.70 per OzForex share. It is also subject to a number of conditions, including access to due diligence, retention of management and relevant regulatory approvals.

According to OzForex’s Board of Directors, there is “no certainty” that the indicative proposal will result in a binding offer for OzForex, what the terms of any such offer would be, or whether there will be a recommendation by the Board.

However, OzForex intends to evaluate the indicative proposal and will update its shareholders and the market following its consideration.

Shareholders are advised they do not need to take any action in response to the indicative proposal and OzForex will “continue to keep the market informed” in accordance with its continuous disclosure obligations.

“Irrespective of whether the Indicative Proposal proceeds, the Board believes that OzForex has a very attractive independent future and that it is well positioned to continue to deliver strong growth,” an official statement from OzForex reads.

Macquarie Capital Australia Limited and Clayton Utz are advising OzForex while it considers the indicative proposal.