02 July 2015

LCH.Clearnet rebuff's Icap-led takeover approach - Reuters

15 July 2009  |  4868 views  |  0 Dead end

LCH.Clearnet last month rejected a takeover offer from an Icap-led consortium due to concerns about the business plan, according to a report from Reuters citing "two people familiar with the matter".

The Icap-led consortium of 14 banks and brokers formally tabled a EUR800+ million bid for the London-based clearer in May.

The LCH board discussed the bid on June 18 but subsequently turned it down, say Reuters' sources.

The consortium says that it remains in contact with the clearer and may return to the table with an improved offer in September.

LCH.Clearnet's management also proposed buying out its 123 shareholders, who would then be invited to reinvest on an equal basis, but that proposal was also rejected by the board, reports the newswire.

LCH rejects group's offer, talks continue - sources - Reuters.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

27 May, 2009
13 May, 2009
11 May, 2009
07 May, 2009
01 May, 2009
29 April, 2009
13 March, 2009
05 March, 2009

Related company news

 

Top topics

Most viewed Most shared
Barclays takes on Apple with wearable paym...
8460 views comments | 38 tweets | 34 linkedin
Singapore pledges S$225m to fintech
6604 views comments | 28 tweets | 20 linkedin
Wells Fargo to usher in voice and facial b...
6412 views comments | 20 tweets | 26 linkedin
Greeks flock to Bitcoin
5386 views comments | 30 tweets | 18 linkedin
US banks pump $16.6bn into digital transfo...
5332 views comments | 33 tweets | 21 linkedin

Featured job

to 80K base, 160K OTE
London, UK

Find your next job