Tuesday, November 15, 2005
LSE: Macquarie still fighting put-up-or-shut-up process; bid tomorrow highly unlikely
Story: LSE suitor Macquarie is said to be still in talks with the Takeover Panel over the put-up-or-shut-up requested by the London Stock Exchange.
Macquarie refused to comment.
But it was said that talks between the Australian investment bank and the Panel had been going on for the last ten days.
Suitors are normally given a deadline of six to eight weeks from the time they have disclosed their interest, it was said. But such a deadline would be unrealistic for Macquarie, which announced it was looking at the exchange on 15 August, so it is understood to be discussing the issue with the Panel. It was said to be opposing the process, although it was not clear whether this meant it wanted no put-up-or-shut-up, or it was simply haggling over deadlines.
A report this morning claiming that Macquarie might lay out its bid plans tomorrow is understood to be unfounded.
Macquarie is understood to see the report as the result of speculation based on reports over the weekend giving details of a possible bid and the fact that Macquarie unveils its first-half results tomorrow.
A source close to LSE said Macquarie had still not got in touch with the exchange or its bankers.
On Macquarie’s alleged attempts to win LSE clients round by offering them stakes in an acquired body, the LSE source suggested that the London Investment Banking Association may face a conflict of interest in that its chairman Alan Yarrow was also vice president of Dresdner Kleinwort Wasserstein which is said to be providing equity to Macquarie.
LIBA was unavailable for comment.
by Cathy Cooper
Macquarie refused to comment.
But it was said that talks between the Australian investment bank and the Panel had been going on for the last ten days.
Suitors are normally given a deadline of six to eight weeks from the time they have disclosed their interest, it was said. But such a deadline would be unrealistic for Macquarie, which announced it was looking at the exchange on 15 August, so it is understood to be discussing the issue with the Panel. It was said to be opposing the process, although it was not clear whether this meant it wanted no put-up-or-shut-up, or it was simply haggling over deadlines.
A report this morning claiming that Macquarie might lay out its bid plans tomorrow is understood to be unfounded.
Macquarie is understood to see the report as the result of speculation based on reports over the weekend giving details of a possible bid and the fact that Macquarie unveils its first-half results tomorrow.
A source close to LSE said Macquarie had still not got in touch with the exchange or its bankers.
On Macquarie’s alleged attempts to win LSE clients round by offering them stakes in an acquired body, the LSE source suggested that the London Investment Banking Association may face a conflict of interest in that its chairman Alan Yarrow was also vice president of Dresdner Kleinwort Wasserstein which is said to be providing equity to Macquarie.
LIBA was unavailable for comment.
by Cathy Cooper
