Hong Kong Exchanges and Clearing unveiled a plan to buy London Stock Exchange Group for $37 billion. It's a last-ditch attempt to snag the perennial takeover target. peter_tl writes:
Hong Kong Exchanges and Clearing on Sept. 11 announced it had made a takeover proposal for London Stock Exchange Group which values the UK company at almost 30 billion pounds.
HKEX said it was offering 20.45 pounds in cash, plus 2.495 newly issued HKEX shares, for each LSE share. Based on HKEX’s closing share price on Sept. 10, the offer values LSE shares at 83.61 pounds each.The offer represents a 23% premium to LSE’s closing share price on Sept. 10 and is more than 47% above the LSE’s share price on July 26, before the company announced a planned takeover of Refinitiv, the data provider.
HKEX said the offer was subject to LSE shareholders rejecting the Refinitiv takeover. Refinitiv is 45% owned by Thomson Reuters, owner of Breakingviews. LSE said it remained committed to the proposed acquisition of Refinitiv. It said its board would consider the proposal and make a further announcement “in due course”.
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