Baltic Exchange seeks shareholders' support to accept SGX bid
THE Baltic Exchange Limited (Baltic Exchange) has announced that following agreement with the Singapore Exchange (SGX) it will now proceed to solicit support from its shareholders for SGX's offer to acquire the issued ordinary share capital for GBP160.41 (US$210.71) in cash per Baltic share for a total consideration of GBP77.6 million.
In addition, Baltic shareholders will also receive from the Baltic Exchange a minimum of GBP18.80 in cash per Baltic share, as a final dividend, conditional upon the acquisition proceeding. This means that the total valuation of the Baltic Exchange is a minimum of GBP86.7 million.
Subject to receiving sufficient support, and to it receiving the endorsement of the Baltic Exchange Board, it is expected that a scheme of arrangement will then be circulated to shareholders and a general meeting will be announced, for shareholders to vote on an offer from SGX, the American Journal of Transportation reported.
THE Baltic Exchange Limited (Baltic Exchange) has announced that following agreement with the Singapore Exchange (SGX) it will now proceed to solicit support from its shareholders for SGX's offer to acquire the issued ordinary share capital for GBP160.41 (US$210.71) in cash per Baltic share for a total consideration of GBP77.6 million.
In addition, Baltic shareholders will also receive from the Baltic Exchange a minimum of GBP18.80 in cash per Baltic share, as a final dividend, conditional upon the acquisition proceeding. This means that the total valuation of the Baltic Exchange is a minimum of GBP86.7 million.
Subject to receiving sufficient support, and to it receiving the endorsement of the Baltic Exchange Board, it is expected that a scheme of arrangement will then be circulated to shareholders and a general meeting will be announced, for shareholders to vote on an offer from SGX, the American Journal of Transportation reported.