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07/03/2005
Deutsche Börse withdraws bid for LSE
German firm Deutsche Börse has announced that it has withdrawn its proposed bid to take over the London Stock Exchange (LSE).
The German stock exchange operator issued a statement saying that the bid, which was announced on January 27, had been withdrawn because the Board of LSE had not recommended the proposal. The company had offered a proposed pre-conditional cash offer of no less than 530 pence for each ordinary share.
Deutsche Börse said the offer had been withdrawn following discussions with their shareholders, manGerman firm Deutsche Börse has announced that it has withdrawn its proposed bid to take over the London Stock Exchange (LSE).
The German stock exchange operator issued a statement saying that the bid, which was announced on January 27, had been withdrawn because the Board of LSE had not recommended the proposal. The company had offered a proposed pre-conditional cash offer of no less than 530 pence for each ordinary share.
Deutsche Börse said the offer had been withdrawn following discussions with their shareholders, many of whom had reportedly been opposed to the bid.
The company stated that it reserved the right to make another bid if another company makes an offer. French exchange, Euronext, has already expressed interest in LSE and are widely expected to put in a bid.
The statement released by Deutsche Börse also said that it would develop a plan in consultation with its shareholders in order to return a "significant distribution" of funds to shareholders in addition to the suggested dividend for the 2004.
Werner Seifert, CEO of Deutsche Börse said that the company still believed that their shareholders, issuers, investors and intermediaries would have benefited from the takeover. However, he said: "The London Stock Exchange does not find itself in a position to recommend a transaction at a price we find supportable. We believe the proposed transaction would have been value enhancing for Deutsche Börse shareholders. At the same time, we recognise that a significant portion of our shareholder base is focused on return of capital in the short term. The broad portfolio of businesses of Deutsche Börse Group provides a wealth of opportunities to continue to create value for our shareholders and benefits for our customers and other stakeholders."
(KMcA/SP)
The German stock exchange operator issued a statement saying that the bid, which was announced on January 27, had been withdrawn because the Board of LSE had not recommended the proposal. The company had offered a proposed pre-conditional cash offer of no less than 530 pence for each ordinary share.
Deutsche Börse said the offer had been withdrawn following discussions with their shareholders, manGerman firm Deutsche Börse has announced that it has withdrawn its proposed bid to take over the London Stock Exchange (LSE).
The German stock exchange operator issued a statement saying that the bid, which was announced on January 27, had been withdrawn because the Board of LSE had not recommended the proposal. The company had offered a proposed pre-conditional cash offer of no less than 530 pence for each ordinary share.
Deutsche Börse said the offer had been withdrawn following discussions with their shareholders, many of whom had reportedly been opposed to the bid.
The company stated that it reserved the right to make another bid if another company makes an offer. French exchange, Euronext, has already expressed interest in LSE and are widely expected to put in a bid.
The statement released by Deutsche Börse also said that it would develop a plan in consultation with its shareholders in order to return a "significant distribution" of funds to shareholders in addition to the suggested dividend for the 2004.
Werner Seifert, CEO of Deutsche Börse said that the company still believed that their shareholders, issuers, investors and intermediaries would have benefited from the takeover. However, he said: "The London Stock Exchange does not find itself in a position to recommend a transaction at a price we find supportable. We believe the proposed transaction would have been value enhancing for Deutsche Börse shareholders. At the same time, we recognise that a significant portion of our shareholder base is focused on return of capital in the short term. The broad portfolio of businesses of Deutsche Börse Group provides a wealth of opportunities to continue to create value for our shareholders and benefits for our customers and other stakeholders."
(KMcA/SP)
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