Plus terminates talks with Turquoise

Plus terminates talks with Turquoise

Talks between UK trading platform Plus Markets and bank-backed equities trading platform Project Turquoise have fallen through after the two parties failed to agree on terms for a takeover deal.

Plus, which operates a junior growth market and secondary dealing platform using technology supplied by OMX, said on 5 October that it had signed a preliminary non-binding agreement that could lead to a reverse take-over by an un-named third party. Trading in Plus's shares was halted under AIM rules on reverse takeovers.

The move prompted heated speculation that Plus was in negotiations with Project Turquoise. It was thought the partnership would have helped Turquoise fast-track development plans for a head-to-head challenge with the domestic stock exchanges in Europe - particularly the London Stock Exchange (LSE).

It was reported that Plus would issue new shares as part of the deal, with Turquoise expected to become the largest shareholder.

But in a statement released today, Plus says following continuing detailed discussions, its board has concluded that "the transaction as envisaged would not deliver sufficient benefits to all of the company's existing shareholders".

"Accordingly, discussions with the third party have been terminated and the company has today requested that its ordinary shares be restored to trading on AIM," says the statement.

Plus shares resumed trading at 24 pence, down 14% or 4 pence.

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