ICE backs away from LSE bid

Source: IntercontinentalExchange

Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, provided the following statement.

On March 1, 2016, Intercontinental Exchange, Inc. (“ICE”), announced under Rule 2.4 of the City Code on Takeovers and Mergers (the “Code”) that it was considering making an offer for LSEG.

Following due diligence on the information made available, ICE determined that there was insufficient engagement to confirm the potential market and shareholder benefits of a strategic combination. Therefore, ICE has confirmed that it has no current intention to make an offer for LSEG.

For the purposes of Rule 2.8 of the Code, ICE reserves the right to make or participate in an offer for LSEG (and/or take any other actions which would otherwise be restricted under Rule 2.8 of the Code) within the next six months following the date of this announcement with the consent of the Panel on Takeovers and Mergers (the “Panel”) or:

(a) With the agreement or recommendation of the Board of LSEG, where the offer announced by LSEG and Deutsche Börse AG on March 16, 2016 has been withdrawn or has lapsed and, prior to such withdrawal or lapse, neither ICE nor any person acting in concert with ICE has acquired an interest in any shares of LSEG;

(b) Following the announcement of a firm intention to make an offer for LSEG by or on behalf of a third party;

(c) Following the announcement by LSEG of a “whitewash” proposal (for the purposes of Note 1 on the Notes on Dispensations from Rule 9 of the Code) or a reverse takeover; or

(d) If the Panel determines that there has been a material change of circumstances.

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