Plus Markets says considering several takeover proposals
17 April 2012 | 4321 views | 0
UK exchange operator Plus Markets says it has had "a number of indicative proposals" since putting itself up for sale in February.
The struggling company - which started life as a small cap market operator - has had a tumultuous past two years, culminating in the November departure of chairman Giles Vardy following a shareholder revolt.
In early February it confirmed the commencement of a formal sale process, with a deadline of 30 March for indicative proposals from interested parties.
It claims to have received a several approaches and potential offerors have now been provided with access to management and a detailed data room, with the Plus board hopeful it will be able to provide some news in the next few weeks.
The decision to sell up comes after two years of aggressive cost cutting that slashed headcount and technology expenditure under Vardy, before he was ousted, in a bid to make the business profitable.
Only in September it took a new route, establishing a technology arm, Plus Trading Solutions, to sell white-labelled matching engines to European investment banks and brokers, enlisting former Chi-X COO Hirander Misra as an advisor.