03.26.2020

Spain Approves SIX’s Offer For BME

SIX Group AG, the Swiss financial markets infrastructure operator, received authorisation from the CNMV for its all-cash voluntary tender offer for Bolsas y Mercados Españoles, Sociedad Holding de Mercados y Sistemas Financieros, S.A. (“BME”), operator of the Spanish stock exchanges and cornerstone of the Spanish capital markets. The acceptance period will be 43 calendar days.

The combination of BME and SIX, both of which are leaders in their domestic financial markets, would create a diversified group with a strong presence across Europe, becoming the 3rd-largest European financial market infrastructure group.

SIX believes that the proposed transaction represents an attractive financial proposition for the current shareholders of BME and encourages them to tender their shares in the voluntary tender offer. SIX’s acceptance period will be 43 calendar days from the day following the publication of the first announcement. During this period, shareholders may tender their shares to receive €33.40 per share, all in cash.

Prior to the authorisation from the CNMV, on 24th March 2020 the Spanish Government authorised the change of control in BME and the other market infrastructures owned and operated by BME which would result from the Offer. At the time of the application for authorisation of the Offer, its effectiveness was also subject to the Offeror obtaining authorisation (or non-opposition) from the CNMC. On 13 February 2020, the CNMC authorised the concentration which results from the Offer.

Source: SIX

Related articles

  1. UK Treasury Reviews Stress Testing

    Nasdaq spends 40 out of 52 weeks testing systems for the 120 marketplaces it supports.

  2. Vehicles enable managers to tap the liquidity and tax advantages of ETFs, without giving away the strategy.

  3. First-quarter ADV increased 45% from the first-quarter of last year.

  4. Bats-Direct Edge Complete Merger
    From The Markets

    BME Approves Offer From SIX

    There is appropriate protection for the development of Spanish secondary markets and financial systems.

  5. All-to-All Trading Emerges in Fixed Income
    Daily Email Feature

    ICAP Adds To Equity RFQs

    Demand for RFQ services in cash equities has risen in current markets.