Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Nasdaq  >  Nasdaq Inc    NDAQ

Delayed Quote. Delayed  - 09/23 10:00:00 pm
69.46 USD   -1.39%
03:37a NASDAQ : no 56/16 Changes in CCP Capital Calculation Parameter
09/23 NASDAQ WELCOMES : GSUM) to The Nasdaq Stock Market
09/23 NASDAQ : Delisting of Securities of BIND Therapeutics, Inc., InterCl..
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

LSE and LCH agree revised $426 million offer

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/07/2013 | 01:04pm CEST

London Stock Exchange (>> London Stock Exchange Group Plc) has agreed a revised 328 million euro ($426 million) cash offer to buy a majority stake in LCH Clearnet, in a long-delayed deal aimed at beefing up the group's lucrative clearing and risk management business.

London Stock Exchange (>> London Stock Exchange Group Plc) has agreed a revised 328 million euro ($426 million) cash offer to buy a majority stake in LCH Clearnet, in a long-delayed deal aimed at beefing up the group's lucrative clearing and risk management business.

Under the recommended offer, the LSE said it wants to acquire up to a further 55.5 percent in LCH, which acts as a middle man in financial trades and guarantees to complete deals if one of the parties cannot.

Regulators called for a shake-up in the amount of capital firms such as LCH must stockpile against their trading book shortly after LSE's original offer, triggering a year of renegotiating the deal.

The new offer is conditional upon the execution of a 320 million euro capital raising, which the LSE has pledged to support with a further 185 million euros of fresh investment.

LCH investors who consent to the deal will receive 15 euros per share, an offer that values the firm's issued share capital at 633 million euros.

"We will promote greater innovation, choice and competition in the risk management industry, especially in listed derivatives. This ...will build upon the successes we have already had with our existing equity and fixed income trading partnerships," LSE Chief Executive Xavier Rolet said.

LSE will then own up to 57.8 percent of the firm, including its current 2.3 percent stake, leaving other LCH shareholders with at most 42.2 percent.

LSE's maximum total investment in LCH following the fundraising will be 536 million euros, including a deferred consideration of up to 23 million euros payable in 2017.

MARKET OPPORTUNITY

LSE's long pursuit of LCH reflects its ambition to expand post-trade services for clients as trading in listed and 'over the counter' (OTC) derivatives thrives against a backdrop of dwindling stock market volumes.

Volumes in global exchange traded derivatives measured by the number of contracts grew by around 12 percent between 2000 and 2012, while volumes in global OTC derivatives measured in terms of notional value grew by around 17 percent.

Besides helping LSE to diversify its core equities trading business, the deal is also expected to help LCH develop a new listed fixed income derivatives platform, LSE said.

LCH shareholders representing almost 73 percent of the firm's issued share capital have already indicated support for the transaction, including core investor NASDAQ (>> NASDAQ OMX Group, Inc.).

The New York-based exchange operator has agreed to increase its LCH stake to 5 percent following the capital raising and its Chief Executive Bob Greifeld will join the board of the enlarged group thereafter.

"For any central counter-party the active involvement of the largest number of potential customers is critical so it is a real positive that NASDAQ is taking a greater involvement," Mark Thomas, analyst at Edison Investment Research, said in a note.

LSE shares were up 0.5 percent at 1,403 pence by 3.55 a.m. ET, versus a 0.25 percent rise in the FTSE 100 <.FTSE>. ($1 = 0.7692 euros)

(Reporting by Sinead Cruise; editing by Tommy Wilkes and Jason Neely)

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on NASDAQ INC
03:37a NASDAQ : no 56/16 Changes in CCP Capital Calculation Parameter
09/23 NASDAQ WELCOMES GRIDSUM HOLDING INC. : GSUM) to The Nasdaq Stock Market
09/23 NASDAQ : Delisting of Securities of BIND Therapeutics, Inc., InterCloud Systems,..
09/23 Delisting of Securities of BIND Therapeutics, Inc., InterCloud Systems, Inc...
09/23 NASDAQ : Delisting of Securities of BIND Therapeutics, Inc., InterCloud Systems,..
09/23 NASDAQ WELCOMES APPTIO (NASDAQ : APTI) to The Nasdaq Stock Market
09/23 NASDAQ : Stockholm Welcomes Cognosec to First North
09/23 Advertising Week 2016 to Ring The Nasdaq Stock Market Closing Bell
09/23 COGINT, INC. (NASDAQ : COGT) to Ring The Nasdaq Stock Market Opening Bell on Mon..
09/23 NASDAQ : Tokyo Commodity Exchange (TOCOM) Goes Live on Nasdaq Trading Technology
More news
Sector news : Financial & Commodity Market Operators - NEC
09/23DJMARKETAXESS : Electronifie Considers Options Including Sale
09/23 LONDON STOCK EXCHANGE : Swiss, German share trade settlement houses team up to c..
09/21DJStocks Rally on Hopes for Growth
09/19DJASX : Australia's ASX Market Halted Over Technical Fault
09/19DJASX : Australia's ASX Market Halted Over Technical Fault
More sector news : Financial & Commodity Market Operators - NEC
News from SeekingAlpha
09/21 WALL STREET BREAKFAST : Central Bank Double-Header
09/21 IEX plans corporate listings in 2017
09/11 Reality Check
09/05 Margin Debt Rises Again
09/01 'MACRO DOUBLE SPEND' : The Economics Of Identity Theft
Advertisement
Financials ($)
Sales 2016 2 291 M
EBIT 2016 993 M
Net income 2016 532 M
Debt 2016 1 678 M
Yield 2016 1,75%
P/E ratio 2016 23,36
P/E ratio 2017 18,15
EV / Sales 2016 5,75x
EV / Sales 2017 5,15x
Capitalization 11 492 M
More Financials
Chart NASDAQ INC
Duration : Period :
Nasdaq Inc Technical Analysis Chart | NDAQ | US6311031081 | 4-Traders
Full-screen chart
Technical analysis trends NASDAQ INC
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 74,1 $
Spread / Average Target 6,6%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Robert Greifeld Chief Executive Officer & Director
Adena T. Friedman President & Chief Operating Officer
Erik Börje Ekholm Chairman
Michael Ptasznik Chief Financial Officer & EVP-Corporate Strategy
Bradley J. Peterson Chief Information Officer & Executive VP
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
NASDAQ INC19.41%11 492
CME GROUP INC17.54%36 084
INTERCONTINENTAL EXCHA..7.75%32 900
HONG KONG EXCHANGES AN..3.74%32 360
FIDELITY NATIONAL INFO..27.19%25 269
DEUTSCHE BOERSE AG-7.68%16 280
More Results