26 May 2015

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

15 July 2009  |  4847 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
Cash overtaken by non-cash payments in the...
7355 views comments | 48 tweets | 31 linkedin
UK opts out of European online payments se...
6788 views comments | 21 tweets | 15 linkedin
MasterCard launches personal payments serv...
6335 views comments | 15 tweets | 30 linkedin
Bigger banks may have to set up their own...
5224 views comments | 36 tweets | 30 linkedin
Metro Bank to offer consumer loans via Zop...
5031 views comments | 29 tweets | 21 linkedin

Featured job

up to £100K base, commission, benefits
London, UK

Find your next job