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

15 July 2009  |  5428 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.

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