Tullett Prebon informs regarding proposed acquisition of ICAP’s global hybrid voice broking and information business
Tullett Prebon has issued an announcement to inform regarding proposed acquisition of ICAP’s global hybrid voice broking and information business.
According to the company’s announcement:
Further to the announcement regarding the proposed acquisition by Tullett Prebon of ICAP’s global hybrid voice broking and information business released on 11 November 2015 (the “Announcement”), Tullett Prebon is updating shareholders in relation to the clearance sought from the United States Department of Justice (the “DOJ”) in connection with the Transaction. Terms defined in the Announcement have the same meanings in this announcement.
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Tullett Prebon has received a request for additional information and documentary material from the DOJ in connection with the Transaction. This form of request from the DOJ, often referred to as a “Second Request”, is part of the regulatory process under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”). Tullett Prebon understands that the DOJ’s review is focused on the proposed post completion shareholding and governance arrangements between Tullett Prebon and ICAP Newco.
The effect of the Second Request is to extend the waiting period imposed by the HSR Act until 30 days after Tullett Prebon and ICAP have substantially complied with the Second Request, unless that period is extended voluntarily by the companies or terminated earlier. Tullett Prebon intends to respond to the request from the DOJ as quickly as practicable and to continue to work cooperatively with the DOJ in connection with its review of the Transaction.
Completion of the Transaction remains subject to the approval of Tullett Prebon shareholders, the approval of ICAP shareholders, clearance from the Competition and Markets Authority (“CMA”), expiration or termination of all applicable waiting periods under the HSR Act, clearance from certain other antitrust authorities, approval by various regulatory bodies including the FCA, and satisfaction of other customary closing conditions noted in the Announcement.
Tullett Prebon continues to anticipate that the Transaction will close in 2016.
Source: Tullett Prebon
