OzForex shares are going nuts

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Shares in online foreign exchange firm OzForex are soaring today on the back of a unsolicited, non-binding takeover approach from rival foreign exchange juggernaut Western Union.

Shares in OzForex have jumped by 28.1%, taking the price to $3.33. They are now trading at the highest level seen since March 2014.

Although a sizeable rally, shares in the company are currently trading at a discount to the all cash offer of $3.50 to $3.70 per share made by Western Union.

OzForex listed on the ASX in October 2013 at a price of $2 per share.

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