NEX Group confirms CME’s non-binding proposal of £10 per share
The acquisition looms closer, as NEX Group’s Board confirms that it has received a non-binding proposal from CME Group.
A follow-up to FinanceFeeds’ earlier article about the possible acquisition of NEX Group PLC (LON:NXG) by CME Group Inc (NASDAQ:CME)…
In a regulatory filing with the London Stock Exchange, the Board of NEX Group plc noted this afternoon’s press speculation and confirmed that it had received a non-binding proposal from CME regarding a potential acquisition of NEX. The proposal sets a price of £10 per NEX’s share.
NEX says that deal discussions are at an advanced stage but, still, there can be no certainty that an offer for NEX will be made, nor as to the terms of any offer.
Earlier this month, CME noted that it takes a disciplined approach to acquisitions with clearly defined strategic and financial objectives. Any offer concerning NEX would have to meet these objectives. That announcement said that CME and NEX are working together to allow CME to complete due diligence and determine whether a firm offer can be made.
In accordance with Rule 2.6(a) of the Code, CME is required, by not later than 5.00 p.m. on April 12, 2018, being the 28th day following the date of NEX’s announcement to either announce a firm intention to make an offer for NEX in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.
Citigroup Global Markets Limited is acting as joint financial adviser to NEX in connection with matters set out in the announcement about the CME approach. Evercore Group L.L.C. and Evercore Partners International LLP are acting as financial adviser for NEX.
