LSEG-Deutsche Börse merger documents imminent
18 May 2016 London
Image: Shutterstock
Shareholder documentation on the merger of the London Stock Exchange Group (LSEG) and Deutsche Börse is on track to be published in June, according to an update from the two institutions.
In a joint announcement, LSEG and Deutsche Börse said they are making progress on preparation of shareholder documents regarding the all-share merger of equals that was announced in March.
The documents will be subjecxt to approval from the appropriate regulatory authorities in Germany and the UK, as well as from the board of LSEG and the management board of Deutsche Börse.
July is expected to see an LSEG shareholder meeting regarding the merger and the end of the acceptance period for Deutsche Börse shareholders. The announcement did not make any mention of the expected merger completion date.
The merger of the two institutions is set to be completed through establishing a new company that will acquire both LSEG and Deutsche Börse.
Under the terms of the deals, LSEG shareholders will own 45.6 percent of the new company, with Deutsche Börse shareholders owning the remaining 54.4 percent.
The board of the new company will have equal representation from Deutsche Börse and LSEG, with Donald Brydon, current chair of LSEG, becoming chair of the board.
The latest update comes after the Intercontinental Exchange confirmed earlier this month that it will not be placing a counter-bid to Deutsche Börse’s merger offer. The exchange clarified, however, that it remains the right to reconsider in the event that the LSEG- Deutsche Börse talks eventually collapse.
In a joint announcement, LSEG and Deutsche Börse said they are making progress on preparation of shareholder documents regarding the all-share merger of equals that was announced in March.
The documents will be subjecxt to approval from the appropriate regulatory authorities in Germany and the UK, as well as from the board of LSEG and the management board of Deutsche Börse.
July is expected to see an LSEG shareholder meeting regarding the merger and the end of the acceptance period for Deutsche Börse shareholders. The announcement did not make any mention of the expected merger completion date.
The merger of the two institutions is set to be completed through establishing a new company that will acquire both LSEG and Deutsche Börse.
Under the terms of the deals, LSEG shareholders will own 45.6 percent of the new company, with Deutsche Börse shareholders owning the remaining 54.4 percent.
The board of the new company will have equal representation from Deutsche Börse and LSEG, with Donald Brydon, current chair of LSEG, becoming chair of the board.
The latest update comes after the Intercontinental Exchange confirmed earlier this month that it will not be placing a counter-bid to Deutsche Börse’s merger offer. The exchange clarified, however, that it remains the right to reconsider in the event that the LSEG- Deutsche Börse talks eventually collapse.
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