The London-listed payments processor, which includes Mastercard as an investor, has received a non-binding offer for 387p per share, a 28% premium over Friday’s close.

The company operates in over 50 countries across the Middle East and Africa, processing digital payments for merchants through desktop PCs and smartphones.

Fifty-one percent owned by Emirates NBD, Network International was spun off as a separate company in 2015 in a deal which saw Warburg Pincus and General Atlantic pick up the remaining 49% minority ownership. In March 2019, Mastercard confirmed plans to make a cornerstone $300 million investment upon the company’s listing on the London Stock Exchange, giving the card scheme a 9.99 percent stake in the firm. Network confirmed it had several offers previously, but always rejected: "The proposal follows a series of prior proposals to acquire Network, which were rejected. The proposal is subject to the satisfaction or waiver by the consortium of a number of pre-conditions, including the completion of satisfactory due diligence." The board has confirmed its willingness to recommend the proposal should a firm offer be received, although shareholders may prefer to hold out for the bid to go above 400p per share. The consortium has until 11 May to make a firm bid.

The investment by Mastercard will give , making it the fourth biggest shareholder in the business