Plus share suspension sparks rumours of reverse take-over of Turquoise
08 October 2007 | 6359 views | 0
UK trading platform Plus Markets is in negotiations about a reverse take-over of Project Turquoise, the investment bank backed challenger to the London Stock Exchange.
Plus, which operates a junior growth market and secondary dealing platform using technology supplied by OMX, revealed yesterday that it had signed a preliminary agreement that could lead to a reverse take-over by an un-named third party.
City analysts have speculated about a potential combination with the Turquoise collective, fast-tracking its development plans for a head-to-head challenge with the London Stock Exchange and supplying a ready-made chief executive in the form of Plus's ambitious CEO Simon Brickles.
Trading in Plus's shares was halted under Aim rules on reverse takeovers. The stock ceased trading at 28p, after gaining 17% on market speculation, giving the company a market value of £88.1m.
In a statement, Plus said: "Shareholders will be advised of all developments in relation to the proposed acquisition and the resumption of trading when such information is available."