SGX updates on its bid for the Baltic Exchange
Singapore Exchange (SGX) announces that it has agreed with The Baltic Exchange Limited (Baltic Exchange) to proceed with the solicitation of support from shareholders of the Baltic Exchange (Baltic Shareholders) to acquire their issued ordinary share capital of the Baltic Exchange (Baltic Shares) for £160.41 in cash per Baltic Share. This represents a total consideration of £77.6 million.
It is contemplated that the Baltic Shareholders will also receive from the Baltic Exchange, at least £18.80 in cash as a final dividend per Baltic Share, subject to approval by the Baltic Shareholders and conditional upon SGX’s proposed cash offer for 100% of the Baltic Shares (Potential Transaction) becoming effective.
SGX again states that there is no assurance that the exclusivity agreement signed on 25 May 2016 will lead to any definitive agreement(s) or completion of the Potential Transaction. SGX will comply with the listing rules of the Singapore Exchange Securities Trading Limited, and will promptly disclose any material developments with regard to the Potential Transaction by way of public announcement.
Source: SGX
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