Shift4 CEO says bids from suitors did not adequately value the firm; shares down

© Reuters. Shift4 CEO says bids from suitors did not adequately value the firm; shares down

Shares of Shift4 Payments (FOUR) fell nearly 10% in premarket trading Monday after Bloomberg News reported that the CEO Jared Isaacman said that offers from potential buyers did not “sufficiently value” the company.

According to a memo sent to the company’s employees on Friday, which Bloomberg cited, the board believes that the “multiple offers” Shift4 received did not properly reflect the company’s current valuation or its future prospects, despite these offers being higher than Shift4’s current share price.

Last month, Reuters reported that Fiserv and Amadeus Group are among the entities interested in acquiring Shift4 Payments, which is valued at nearly $7 billion.

Shift4, known for collecting fees to facilitate payments for a diverse clientele including restaurants, casinos, hotels, and sports teams like the San Francisco 49ers, processes over $200 billion in transactions annually for more than 200,000 customers, according to its website.