Argentex, a currency risk management firm, has announced that it is in "advanced discussions" with IFX Payments regarding a potential takeover. This comes after Argentex received non-binding proposals from three bidders, including IFX Payments, Lumon Acquisitions, and a partnership between Terry Clune and Harry Adams.

The Board of Argentex has rejected the offers from Lumon and the Clune/Adams partnership but is actively negotiating with IFX Payments for a full acquisition. However, Argentex has emphasized that no formal offer has been made yet, and there is no guarantee that a deal will be finalized.

In addition to the takeover discussions, Argentex is also negotiating a bridging loan with IFX Payments to address urgent liquidity issues. The company has stated that securing this loan is vital for its ongoing solvency.

This update follows a recent trading suspension requested by Argentex after a significant devaluation of the US dollar, attributed to policy announcements by President Trump. This devaluation led to substantial margin calls on the firm's foreign exchange forwards and options, resulting in a sharp decline in its short-term liquidity.

Argentex is currently in talks with its main liquidity provider, and it has warned that without immediate financial support, it may need to take drastic measures to ensure the company's future and protect the interests of its creditors and stakeholders.

According to UK Takeover Panel regulations, IFX Payments has until 5:00 p.m. on May 20 to either make a firm bid or withdraw from the negotiations.