Published by Global Banking & Finance Review®
Posted on May 30, 2025
1 min readLast updated: January 23, 2026
Add as preferred source on GoogleLumon Acquisitions has ceased its attempt to acquire Argentex after the latter rejected its bid, amidst financial challenges and market volatility.
(Reuters) -Payments services provider Lumon Acquisitions said on Friday that it does not intend to make an offer for Argentex after the currency risk management firm rejected an earlier bid.
WHY IT'S IMPORTANT
Argentex became one of the first known casualties of the market turmoil caused by U.S. President Donald Trump's erratic trade policies after the sharp drop in the dollar squeezed its finances in late April.
CONTEXT
Lumon, part of British private equity firm Pollen Street Capital, joins Argentex's former CEO Harry Adams and Irish entrepreneur Terry Clune in dropping their bid to acquire the British company.
Adams and Clune also said on Thursday that they would not make an offer for the firm.
Argentex had rejected bids from Lumon as well as from Adams and Clune in favour of an offer from cross-border payments provider IFX Payments valuing it at about 3 million pounds ($4 million).
MARKET REACTION
Shares in AIM-listed Argentex, which have lost more than 90% of their value so far this year, were down 2.3%.
($1 = 0.7424 pounds)
(Reporting by Simone Lobo and Yadarisa Shabong in Bengaluru; Editing by Mrigank Dhaniwala)
Lumon Acquisitions stated that it does not intend to make an offer for Argentex after the currency risk management firm rejected an earlier bid.
Shares in AIM-listed Argentex have lost more than 90% of their value this year and were down 2.3% following the news of Lumon's withdrawal.
Former CEO Harry Adams and Irish entrepreneur Terry Clune also announced that they would not make an offer for Argentex.
Argentex rejected bids from Lumon as well as from Adams and Clune in favor of an offer from IFX Payments, which valued the company at about 3 million pounds.
Argentex became one of the first casualties of market turmoil caused by U.S. President Donald Trump's trade policies, which led to a sharp drop in the dollar that squeezed its finances.
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