20 February 2017
visit nextgenbanking.co.uk

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

15 July 2009  |  5349 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)

Finextra news in your inbox

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

Related stories

LCH.Clearnet to extend SwapClear to hedge funds and asset managers

LCH.Clearnet to extend SwapClear to hedge funds and asset managers

27 May 2009  |  5841 views  |  0 comments
LCH.Clearnet looks to deal with bidding consortium

LCH.Clearnet looks to deal with bidding consortium

13 May 2009  |  6346 views  |  0 comments
Icap consortium makes EUR830m LCH.Clearnet bid - FT

Icap consortium makes EUR830m LCH.Clearnet bid - FT

11 May 2009  |  7319 views  |  0 comments
LCH.Clearnet agrees competitive clearing deals

LCH.Clearnet agrees competitive clearing deals

07 May 2009  |  13450 views  |  0 comments
LCH.Clearnet slashes clearing costs

LCH.Clearnet slashes clearing costs

01 May 2009  |  8255 views  |  0 comments
DTCC calls off LCH.Clearnet merger

DTCC calls off LCH.Clearnet merger

29 April 2009  |  10848 views  |  0 comments
LSE pulls out of LCH.Clearnet consortium

LSE pulls out of LCH.Clearnet consortium

13 March 2009  |  8332 views  |  0 comments
LCH.Clearnet mulls buying out investors - FT

LCH.Clearnet mulls buying out investors - FT

05 March 2009  |  5600 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
http://www.financialcrimerisk.fiserv.com/aml?r=finextravisit BNP paribas

Top topics

Most viewed Most shared
IBM and Visa join forces to turn billions of connected devices into points of saleIBM and Visa join forces to turn billions...
15559 views 11 comments | 50 tweets | 85 linkedin
Nesta launches £5 million Open API challengeNesta launches £5 million Open API ch...
10178 views comments | 21 tweets | 19 linkedin
Jaguar embeds payments into digital dashboardJaguar embeds payments into digital dashbo...
9766 views comments | 49 tweets | 56 linkedin
The fintech effect: Banks buy in to benefits of boosting financial well-beingThe fintech effect: Banks buy in to benefi...
9024 views comments | 16 tweets | 11 linkedin
Kevin the bot uses blockchain to offer insurance for P2P transactionsKevin the bot uses blockchain to offer ins...
7873 views comments | 16 tweets | 12 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job