Electronic payment company e-Pay Asia (ASX:EPY) has received a $10 million counter-offer for its operating subsidiaries from Euronet Worldwide.
EPY shares climbed 9.38% in Monday's trading to $0.175 on Monday after the counter-offer was disclosed.
In May, e-Pay Asia agreed to endorse an $8.5 million buyout offer for the subsidiaries, including its core Asian mobile credit recharge business, from Tobikiri Capital.
But in making its 17% higher counter-offer, Euronet said it understood e-Pay Asia maintained the right to withdraw from the sale agreement with Tobikiri if a superior offer is made.
Euronet said its all-cash offer is contingent on independent expert approval. Should this be received the transaction is expected to occur on the same timeframe as the prior offer, closing no later than August 1.
Under the terms of e-Pay Asia's sale agreement with Tobikiri, the buyer has five business days to prepare its own counter-offer, should it wish to make one.
US-headquartered Euronet provides electronic payment services including prepaid mobile credit and other money transfer services, as well as ATM, point of sale and card outsourcing services.
The company had a cash balance of around US$220.7 million ($211.7 million) as of the end of March - more than enough to fund the merger.