NEX and CME receive CMA approval for NEX share acquisition
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NEX and CME receive CMA approval for NEX share acquisition 31 October 2018London Reporter: Maddie Saghir
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The boards of NEX and CME have received clearance from the UK Competition and Markets Authority (CMA) on the recommended share and cash acquisition of the entire issued and to be issued share capital of NEX.
All of the conditions relating to regulatory and antitrust approvals have now been satisfied or waived.
In March the boards reached an agreement on the terms of the acquisition.
The acquisition is to be effected by means of a scheme of arrangement under part 26 of the Companies Act 2006, which was approved by the NEX Scheme Shareholders in May.
CME noted that the acquisition was made subject to the conditions set out in part three of its scheme document.
This includes the receipt of the relevant regulatory approvals from the Financial Conduct Authority (FCA) and regulators in the US, Germany, Italy, and Sweden.
The scheme is still subject to certain conditions including sanction by the court at the court hearing, which is expected on 1 November.
Also expected on 1 November, is the last day of dealings in, and for registration of transfers of, and disablement in CREST of NEX Shares, suspension of trading in NEX shares, and scheme record time.
The effective date of the scheme is expected on 2 November. The cancellation of listing of NEX Shares on the premium segment of the Official List and the main market of the London Stock Exchange is due on 5 November.
Issue of new CME shares are expected on 5 November.
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