|London Stock Exchange
||ORD SHS 6 79/86P
||EPS - Basic
||Market Cap (m)
London Stock Exchange Share Discussion Threads
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|Read AlphaValue's note on LONDON STOCK EXCHANGE GROUP (LSE), out this morning, by visitinghxxps://www.research-tree.com/company/GB00B0SWJX34
"ICE announced during its Q1 16 earnings release that it won’t be proceding with a bid on the LSEG as we had been expecting for weeks with a high probability. ICE justified the move as “following due diligence on the information made available, ICE determined that there was insufficient engagement to confirm the potential market and shareholder benefits of a strategic combination”. This is at first glance a courteous way to define LSEG’s management behaviour not to cooperate. As confirmed by ICE’s CEO, Jeffrey Sprecher, ICE’s board had tried and failed to arrange meetings with the LSEG. Following the announcement, the..."|
|Read AlphaValue's note on LONDON STOCK EXCHANGE GROUP (LSE), out this morning, by visiting hxxps://www.research-tree.com/company/GB00B0SWJX34
"More than two months after the Deutsche Boerse/LSEG merger announcement which was immediately followed by ICE’s formal interest in the latter, the share price of the UK stock exchange is 7% lower than its highest levels (around 2900p)... This takes into account a probable counter-bid by another major stock exchange, be it HKEx (Hong Kong Exchanges), CME or especially ICE followed then by another bid by a willing Deutsche Boerse. We had indeed estimated..."|
|Anyone any ideas why LSE price slipping so much when one knows ICE may put in a counter bid any time?|
|Interesting that they been topping up...
|bidding war for the London Stock Exchange heated up on Tuesday following reports Intercontinental Exchange has secured funding from a trio of banks in preparation for a £10bn takeover bid.
According to Sky News, the owner of the New York Stock Exchange has reached agreement with Morgan Stanley, Wells Fargo and Japan's Mitsubishi UFJ to provide part of the debt needed to finance an offer for the LSE.
It was also understood that other lenders would be added to the syndicate in the coming weeks.
ICE said back in March that it was mulling a bid for the LSE, which has agreed a £21bn merger with Deutsche Boerse.
Under the terms of the deal agreed, LSE shareholders will own 45.6% of the new holding company, while DB shareholders will own 54.4%.
The companies said they were targeting yearly cost savings of around €450m (£360m|
|Market cap is £9bn. Financing in place for £10bn. LSE is a prized asset and NYSE will not let is get away. Almost 10% upside possible implying counter bid at nearly £31. I think investors have not woken upto this.|
|New York Stock Exchange owner secures financing for £10bn London Stock Exchange takeover bid to rival proposed Deutsche Boerse merger|
|From the FT, sounds like a bid in preparation to me otherwise why avoid talking about it?
US rival ICE has indicated it could make a bid but now has more time to make a decision. Under UK Takeover Panel rules, publication of an official deal between the LSE and Deutsche Börse means ICE no longer has to come to a conclusion by March 29.
But the US group was being tight lipped on Wednesday. At a futures industry conference in Florida Jeffrey Sprecher, chief executive of ICE, said: “I don’t want to talk about this.”|
|Personally I suspect this will draw in ICE. Better to allow your opponent to show their hand first hence the lack of formal commentary.
There's a similar situation going on with HOME which provides an interesting base case.
Time to brush up on game theory :)|
|The London Stock Exchange and Deutsche Börse haven’t managed to settle on a name for their proposed union – it still labours under the clunky title of UK TopCo – but both parties insist the deal would be that rare thing, a “merger of equals”.
That’s half the problem, many LSE shareholders will feel. Their exchange is not obviously in need of a partner that won’t offer a takeover premium. The LSE’s pre-tax profits for 2015 improved by 31% to £643m and the dividend was raised 20%. If somebody wants to grab the business, let them offer a proper price rather than cuddle up via a nil-premium exchange of shares, purists will argue. Thus all eyes will now turn to the Intercontinental Exchange (Ice), owner of the New York Stock Exchange, which has threatened to get involved without committing to do so.
The first formal documentation from the LSE and Deutsche moves the plot along but in truth, it contained few surprises. Carsten Kengeter, Deutsche’s man, will be the chief executive of the combo and Xavier Rolet, his counterpart who has led seven years of success for the LSE, will depart. This is not a popular choice, at least from the perspective of LSE’s owners. Rolet has the proven record in running exchanges; Kengeter doesn’t. The fact that the chairman will be Donald Brydon, a London boardroom warhorse, is little consolation.
On the plus side, there are the inevitable cost savings. Some €450m (£353m) a year can be removed in three years at a one-off cost of €600m. Not bad. Then come the claimed benefits to customers in the form of £7bn of capital savings by being able to post collateral for deals across a broader range of exchanges under common ownership. Over time, runs the theory, that will help combat incursions into Europe from US and Asian competitors.
That argument is entirely coherent and, if Ice and others stay away, one suspects Rolet and Brydon would be able to see off the doubters in the LSE’s ranks. The timing of the deal – before a UK referendum where a vote to leave the EU could herald regulatory and legislative upheaval in financial services – is fundamentally odd but nothing talks like substantial cost savings.
The big question remains: are the Americans about to throw a bucket of Ice over the whole thing?|
|Could influence what those across the pond decide to do.
'However, the deal will go ahead “on the basis that existing regulatory and political structures remain in place”, which means it will be at risk if the UK decides to leave the EU'.|
|Not me Hooley but being honest the sad truth is I'm here to make money not to save the UK economy.
IMO the share price seems to be pricing in the deal and £200m cost savings but not the competitor bids which I suspect are highly likely to result given a marketplace with low significant M&A opportunities and obvious cost savings to be had.|
|So everything is for sale, not just our sovereignty? Hands up all those who think the sale of the LSE will be good for the UK economy in the long term?|
|Bubbling along nicely.
|It's 30 years since I and 5000 fellow members sold out for £10,000 each, valuing the LSE at £50m. That business is now valued at £10bn. There's a message in there somewhere. My membership turns out to be worth £2m to the Germans. Funny old world, eh?|
|broadwood no I am not in, but a glance at the 3 year suggests I should have been.|
|Crikey, they're queuing up.
Hong Kong Exchanges and Clearing Ltd (HKEx) (0388.HK) is keeping a close eye on a proposed bid for London Stock Exchange (LSE.L) by Deutsche Boerse (DB1Gn.DE), Charles Li, chief executive of the Asian bourse operator said on Wednesday.
"I'm not saying we're doing anything and I'm not saying we are not doing anything. HKEx will be maintaining a lot of conversations to stay on top of the game," Li said at a news conference to comment on the company's results. "It is obviously a pretty major transaction and we will be watching it closely."
The HKEx owns the London Metal Exchange, which posted a 36 percent jump in revenue for 2015 and was a key contributor to its earnings last year|
|London Stock Exchange Group's shares soared after Intercontinental Exchange confirmed it is considering making a counter offer to LSE's proposed merger with Deutsche Boerse.
ICE - owner of the New York Stock Exchange - said no approach had been made to the board of LSEG and no decision had yet been made as to whether to pursue such an offer.
LSE's directors confirmed it had not received a proposal from ICE and confirmed that talks over the potential merger of equals with Deutsche Boerse continues to progress|