SGX updates on its bid for the Baltic Exchange

Mergers and Acquisitions, Stock Markets — By on August 4, 2016 at 11:42 AM

SGX SINGAPORE STOCK EXCHANGE LOGOSingapore 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. –

About Singapore Exchange (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and 90% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid offshore market for the benchmark equity indices of China, India, Japan and ASEAN.

The exchange was one of the first globally to adopt the Principles for Financial Market Infrastructure, the first and only central counterparty in the region to be fully approved by U.S. regulators as a Derivatives Clearing Organisation and a Foreign Board of Trade, and is recognised by European Union regulators for both securities and derivatives.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities. In 2015, SGX was awarded Derivatives Exchange of the Year by Asia Risk, Futures and Options World and Global Capital as well as Central Counterparty (CCP) of the Year by Asia Risk. In 2016, SGX was named Exchange of the Year at the global Energy Risk Awards.

Headquartered in AAA-rated Singapore, SGX has over 700 employees including offices in Beijing, Hong Kong, London, Mumbai, Shanghai and Tokyo. For more information, please visit www.sgx.com.

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