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London’s challenger stock market Aquis has accepted a £194m takeover provide from Swiss-based bourse operator SIX Group, in a switch which may probably inflame fears over the effectively being of the UK’s equity markets.
In an announcement to the market proper now, Aquis talked about the availability would value its shares at 727p per share, a 120 per cent premium to Friday’s closing value of 330p per share.
Directors on the St Paul’s based bourse, which is twin listed by itself Apex market and the London Stock Exchange’s AIM, talked about the deal would help current the dimensions wished to compete in the direction of bigger companies inside the European alternate market.
“Under SIX’s ownership, Aquis will be better placed to deliver on its strategy of developing innovative capital market solutions from a position of further scale,” Aquis said.
SIX talked about the acquisition was a “compelling strategic opportunity” which may complement its method to “scale the business beyond its home markets”.
“The combination will add Aquis’ strong offering to our traditional primary exchange and data businesses, complementing SIX’s existing growth listing segments,” Bjørn Sibbern, worldwide head of exchanges at SIX, talked about.
Alasdair Haynes, chief authorities of Aquis, talked about he was “immensely proud” of the enterprise which he primarily based in 2012.
Although he talked about there was a “clear path of growth ahead,” he talked about “operational, commercial and market risks” might pose a danger to the company inside the temporary time interval.
“The offer de-risks this future value creation and provides Aquis Shareholders with certain value at a material premium,” he added.
The suggestions stage to the downturn that has gripped the UK’s equity markets over the earlier two years after a dearth of current IPOs and heavy outflows from equity funds.
Aquis has hosted solely two new floats this 12 months whereas 92 companies exited AIM inside the 12 months to October, pushing the entire number of companies to a 23-year low of 695.
The takeover of one in every of London’s stock markets by a abroad purchaser might also probably gasoline concern over a sell-off of listed companies.
In the 12 months to the highest of June, 37 AIM-listed companies have been acquired by overseas rivals and private equity companies, higher than double the number of firms bought the sooner 12 months.
