Visa has raised its takeover offer for cross-border payments outfit Earthport, beating off a rival bid from Mastercard
Visa has pushed up its first offer of £198 million to £247 million, shading the £233 million bid tabled by Mastercard last week.
Having backed the earlier Mastercard bid, Earthport has done an abrupt about-turn to welcome Visa's new valuation.
Visa's retaliation may force Mastercard back to the table with a higher offer, raising the prospect of a sustained bidding war. Mastercard has urged shareholders not to accept the Visa deal while it considers its options.
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