IFX Payments said today (Monday) it’s considering pulling out of its takeover bid for foreign exchange (FX) broker Argentex Group, just days after the struggling British currency firm appointed administrators due to funding problems.
IFX Payments May Walk Away From Argentex Deal After Administration
The payments company issued a statement saying Argentex entering administration is “of material significance” to the acquisition deal. IFX Payments is now talking with regulatory panels about invoking insolvency conditions that would let it walk away from the purchase.
Back in April, IFX had built escape clauses into its takeover documents. The company specifically said it wouldn’t go through with buying Argentex if the target firm faced…