Thursday, October 06, 2005
LSE: Macquarie joins forces with Computershare for GBP 1.8bn bid – reports
Story: Macquarie Bank has discussed a joint takeover bid for the London Stock Exchange with Computershare, a Financial Times report said. The unsourced item said the offer could come inside the next week, while sources cited by a report in The Times said a formal bid might emerge within a fortnight. A Daily Telegraph report cited People involved in the bid approach who said Macquarie plans to make an approach to the London Exchange within 10 days. The Financial Times report said discussions between the Australian bank and Computershare, the Australian share registry group, had been in depth. However, as of Wednedsay night (6 October) Computershare had not decided whether or not to join a potential Macquarie bid. A source close to the preparations cited by the Daily Telegraph said that the potential bid needs further preparatory work.
The Times report said a Macquarie bid could be worth GBP 1.8bn (EUR 2.64bn), without attributing the figure. The Financial Times report did not mention a specific bid level from Macquarie, although it commented that a bid in excess of 530p per share would be necessary to be seriously considered by the LSE.
Computershare would probably take a passive role in any bid headed by Macquarie, the Australian bank, the Times report said. However, the FT report took a different view, saying that Computershare would contribute its financial services technology to the bid team. The Daily Telegraph report quoted people involved in the bid approach, who said Computershare had joined as an investor, with the bid still headed by Macquarie. The sources said Macquarie was increasingly serious about a bid.
The Competition Commission, which has been considering offers from Euronext and Deutsche Boerse for the LSE, would be unlikely to raise objections to a Macquarie bid, the Times item said.
Macquarie has hired Greenhill, as adviser to a potential takeover offer, the FT report noted. The item said the Macquarie might look to include other parties in its bid in addition to Computershare. Computershare was not available for comment, the item added. The London Stock Exchange has a market capitalization of GBP 1.45bn (EUR 2.13bn).
Source: Financial Times, The Times, Daily Telegraph
Value: £1,451m (LSE market capitalisation)
The Times report said a Macquarie bid could be worth GBP 1.8bn (EUR 2.64bn), without attributing the figure. The Financial Times report did not mention a specific bid level from Macquarie, although it commented that a bid in excess of 530p per share would be necessary to be seriously considered by the LSE.
Computershare would probably take a passive role in any bid headed by Macquarie, the Australian bank, the Times report said. However, the FT report took a different view, saying that Computershare would contribute its financial services technology to the bid team. The Daily Telegraph report quoted people involved in the bid approach, who said Computershare had joined as an investor, with the bid still headed by Macquarie. The sources said Macquarie was increasingly serious about a bid.
The Competition Commission, which has been considering offers from Euronext and Deutsche Boerse for the LSE, would be unlikely to raise objections to a Macquarie bid, the Times item said.
Macquarie has hired Greenhill, as adviser to a potential takeover offer, the FT report noted. The item said the Macquarie might look to include other parties in its bid in addition to Computershare. Computershare was not available for comment, the item added. The London Stock Exchange has a market capitalization of GBP 1.45bn (EUR 2.13bn).
Source: Financial Times, The Times, Daily Telegraph
Value: £1,451m (LSE market capitalisation)
