Hypercom Rejects Verifone's Unsolicited Buyout Offer Of $5.25 Per Share

Shares of Hypercom Corp HYC jumped in pre-market trading as the company announced the rejection of an unsolicited buyout offer of $5.25 per share from VeriFone Systems Inc PAY. Hypercom believes that the offer by PAY undervalues the electronic-payments firm. VeriFone has offered to acquire all the remaining common shares of HYC for $5.25 per share, representing a 33% premium to its six-month average price. "Hypercom believes that VeriFone's proposal is opportunistic and intended to disrupt its business, which has successfully taken market share from VeriFone in several markets," Hypercom said. Shares of Hypercom advanced 45.39% to $6.15 in pre-market trading, while PAY shares lost 0.29% to $28.97 in after-hours trading. Read more from Benzinga's Company news.