Cabcharge Has Rejected A $500 Million Buyout Offer

Lisa Maree Williams/Getty Images

Cabcharge Australia has rejected a $500 million offer for its taxi payments business which is facing mounting pressure from new players including goCatch and Uber entering the Australian market.

The Australian Financial Review today reported New York listed Fleetcor requested due diligence access to secure its non-binding bid but Cabcharge’s board rejected the approach before opening its books.

With revenue up 5.8 per cent year-on-year, Cabcharge’s taxi payment arm had a turnover of $1.1 billion last financial year and is the company’s biggest business unit.

The company’s taxi services business posted $96.6 million revenue for the year to June 30.

Entering the Australian market more than 18 months ago, Fleetcor acquired GE Capital’s “Fleet Card” fuel cards.

There’s more here.

NOW READ: GoCatch Has Raised $5 Million To Try And Capture Greater Market Share In Australia’s $5.4 Billion Taxi Industry

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.