TOP NEWS: NEX Group Receives GBP3.8 Billion Proposal From CME Group

28th Mar 2018 17:31

LONDON (Alliance News) - NEX Group PLC after the market close on Wednesday, noting press reports, confirmed it has received a non-binding takeover proposal from CME Group Inc, valuing NEX at a price of 1,000 pence per share.

Shares in NEX closed up 10% at 976.43p on Wednesday, giving it a market capitalisation of GBP3.71 billion. The proposal from CME would value NEX at GBP3.80 billion.

Discussions are at an advanced stage, NEX said, there can be no certainty that an offer will be made, nor as to the terms of any offer. Wednesday's announcement was made without the consent of CME, NEX added.

CME has until 1700 BST on April 12 to make a firm offer for NEX.

NEX earlier in March confirmed it had received a preliminary takeover approach by CME.

ICAP - now known as NEX Group - and Tullett Prebon in June 2016 agreed for Tulett to acquire the ICAP voice broking and information business. The deal was completed at the end of December 2016.

CME Group is a US-based options and futures exchange operator, with a market capitalisation of around USD54.50 billion. Shares in CME were trading up 0.7% in New York Wednesday afternoon.

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