SGX, Baltic Exchange Reach Deal on Takeover Terms

Singapore Exchange Limited (SGX) and The Baltic Exchange Limited (Baltic Exchange) have agreed on the terms for a recommended offer by SGX for the entire issued share capital of the Baltic Exchange.

The announcement follows a period of extensive consultation with Baltic Exchange shareholders and other stakeholders.

Under the terms of the proposed acquisition, Baltic Exchange shareholders will be entitled to receive GBP 160.41 in cash for each Baltic Exchange Share and GBP 19.30 in cash per Baltic Exchange Share as a final dividend.

In aggregate, the cash price and the special dividend value Baltic Exchange’s entire issued ordinary share capital stands at GBP 87 million (USD 113.9 million).

“The proposed acquisition will accelerate the growth and development of the Baltic Exchange beyond what it could achieve on its own. Already a trusted business partner, SGX has committed to retaining the Baltic’s ethos as a membership organisation, retaining our London headquarters and further consolidating the Baltic’s value, influence and reach within the global shipping community,” Guy Campbell, Chairman of the Baltic Exchange, said.

Declaration and payment of the special dividend is subject to approval by Baltic Exchange Shareholders and is conditional on successful completion of the proposed acquisition.

The proposed acquisition is expected be finalized towards the end of November 2016.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Mar 2019 >>
MTWTFSS
25 26 27 28 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

LNG2019

LNG2019 features the largest number and highest level of LNG industry leaders.

read more >

Singapore Maritime Week (SMW) 2019

very year, SMW gathers the international maritime community for a week of flagship conferences…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >