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TOP NEWS: Intercontinental Exchange Puts Rival Bid For LSE On ICE

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05/04/2016 | 01:51pm CEST

LONDON (Alliance News) - Atlanta-based Intercontinental Exchange Inc on Wednesday said it doesn't plan to crash London Stock Exchange Group PLC's planned GBP21 billion merger with Frankfurt-based Deutsche Boerse.

Shares in LSE were down 9.1% at 2,445.00 pence Wednesday afternoon.

In a statement, ICE said it has "no current intention" to make an offer for LSE, having revealed its interest in such a move back in early March.

"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," ICE said in a statement.

ICE said it reserves the right to make or participate in an offer for LSE within the next six months, assuming the consent of the Panel on Takeovers and Mergers.

The merger between LSE and Deutsche Boerse was agreed in mid-March. In the event of completion, LSE shareholders would own around 45.6% of the enlarged company, with Deutsche Borse shareholders to own the remaining 54.4%. The pair intend to create a European exchange and clearing powerhouse that can compete with US and Asian rivals. They hope to convince regulators and politicians to support the deal.

Copyright 2016 Alliance News Limited. All Rights Reserved., source Alliance News

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