SIX, the Swiss stock exchange manager which launched a bid for BME (Bolsas y Mercados) in November, is open to extending its four-year commitment to maintaining the BME brand after the takeover.
The bid is for 100% of BME’s capital at 34 euros/share-0.6 euros paid as a dividend. This is a 34% premium with respect to the price at which the stock was trading until the day the offer was made.
The aim of the move would be to obtain government approval for the operation, a necessary condition for it to be successful. SIX’s purchase proposal includes the commitment to maintaining BME’s current brands, headquarters, business lines and offices. It also upholds the company’s strategy in Spain for four years, which could now be extended.
The tender offer, to be paid in full in cash, means valuing the governing company of the Spanish market at 2.843 billion euros. The operation has been communicated to the Spanish regulator CNMV, after both BME itself and Euronext confirmed talks for a possible purchase. However, BME indicated that its board of directors is considering the Swiss offer.
The merger between both financial platforms would give birth to the third-largest financial market infrastructure group in Europe.