UPDATE 1-UK's Alpha Group rejects all-cash proposal from Corpay

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Adds background in paragraph 2 & 4, details from Alpha's statement in 3

May 6 (Reuters) - British financial services provider Alpha Group International ALPH.L on Tuesday said it had rejected an all-cash proposal from U.S.-based business payments firm Corpay CPAY.N.

Corpay, which offers tools that allow businesses to make payments to vendors, had expressed its interest in the British company about a possible takeover last week.

Alpha confirmed on Tuesday that it had received a preliminary and conditional all-cash proposal from Corpay, but did not disclose a reason for rejecting it.

The U.S. firm is required by law to announce a firm offer for Alpha or walk away by May 30. The deadline can also be extended with the consent of the UK Takeover Panel.

(Reporting by Yamini Kalia in Bengaluru; Editing by Nivedita Bhattacharjee)

((Yamini.Kalia@thomsonreuters.com;))

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