LSE's LCH.Clearnet Offer Closes
The London Stock Exchange Group's LCH.Clearnet offer for a majority stake has closed, yielding a total acceptance of 71.52 percent of the LCH.Clearnet issued share capital.
The original offer was announced on March 9, with the acceptance condition satisfied on March 30, allowing for a 10-business-day-extension period for further shareholders to accept. Full terms and conditions of the offer were released to shareholders as part of a circular sent out on March 16.
Certain offers from accepting shareholders will now be scaled back, in accordance with the LSE's decision, outlined in the terms of the offer, to hold 60 percent of the LCH.Clearnet issued share capital. Accepting shareholders will be informed of the number of shares acquired within 10 business days of this announcement.
The final completion of the transaction is due to take place by the end of the year, subject to regulatory and other approvals, including competition clearance.
The LSE also announced that it has purchased the 970,656 LCH.Clearnet Shares held by MF Global, representing 2.39 percent of the total share, at a cost of €14 per share.
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