(Reuters) -British financial services provider Alpha Group International on Tuesday said it had rejected an all-cash proposal from U.S.-based business payments firm Corpay.
Corpay, which offers tools that allow businesses to make payments to vendors, had expressed its interest in the British company about a possible takeover last week.
Alpha confirmed on Tuesday that it had received a preliminary and conditional all-cash proposal from Corpay, but did not disclose a reason for rejecting it.
The U.S. firm is required by law to announce a firm offer for Alpha or walk away by May 30. The deadline can also be extended with the consent of the UK Takeover Panel.
(Reporting by Yamini Kalia in Bengaluru; Editing by Nivedita Bhattacharjee)
