Jul 5, 2017

JPMorgan makes big play for Worldpay

JPMorgan Chase and Cincinnati-based Vantiv each have made preliminary takeover offers for Worldpay, a British payment processing company currently valued north of $10.5 billion. The firms now have until August 1 to make formal bids, and it wouldn't be surprising if other suitors emerge during that time.

  • Update: Well, that didn't last long. Vantiv just announced that it has agreed to acquire Worldpay for around $9.94 billion, with JPMorgan saying it won't make a counteroffer. If completed, Worldpay shareholders would hold around a 41% equity stake in the combined company. This development does not preclude Worldpay from soliciting superior offers.

Why it matters: Worldpay is a major rival to U.S. companies like First Data, PayPal and Stripe β€” processing more than 31 million payments daily (including mobile, online and point-of-sale). If a full-blown auction emerges, it could result in offers for other payment processing companies (Denmark's Nets AS, owned by private equity firms, also said it has received unsolicited approaches). Not only from banks and other payment processing companies, but also from more mainstream tech companies.

Go deeper

Mass shooting in Milwaukee: What we know so far

Milwaukee Mayor Tom Barrett in 2012. Photo: John Gress/Corbis via Getty Images

Six people died in a shooting at the Milwaukee Molson Coors brewery complex on Wednesday, including the shooter, Mayor Tom Barrett told reporters at an evening press conference with local police.

What's happening: Police said "there is no active threat" just before 6 pm ET, but noted the scene remains active. Police chief Alfonso Morales told reporters that officers have "more than 20 buildings we have to secure" at the complex and they do not currently have all employees accounted for, as more than 1,000 were at the complex during the shooting.

Go deeperArrowUpdated 38 mins ago - Politics & Policy

Trump assigns Pence to lead U.S. coronavirus response

Photo: ANDREW CABALLERO-REYNOLDS/AFP via Getty Images

President Trump announced at a press briefing Wednesday evening that he'll be putting Vice President Mike Pence in charge of leading the administration's response to the coronavirus.

The big picture: In the wake of a market sell-off and warnings from health officials that there's a real threat of the coronavirus spreading in the U.S., Trump sought to reassure the nation and Wall Street that the U.S. is "ready" for whatever comes next.

Go deeperArrowUpdated 2 hours ago - Politics & Policy

Axios Dashboard

Keep up with breaking news throughout the day β€” sign up for our alerts.