Intercontinental Exchange, Inc.NYSE
Mon, May 2, 10:50 AM
- London Stock Exchange (OTCPK:LDNXF) had been expected to hold a special meeting to approve its merger with Deutsche Boerse (OTCPK:DBOEY) ahead of the U.K.'s June 23 EU referendum.
- Deutsche Boerse, however, still needs to file a full set of merger documents with German regulators, a tricky process which looks like it cannot be completed before that date.
- Not wanting to ruffly any regulatory feathers, LSEG is now mulling delaying the special meeting until the proper documents have been filed, reports Reuters.
- If so, it would give ICE more time to put together a rival bid.
- Supporters of the Deutsche effort say ICE has too high of a debt load to put together a killer bid, especially after paying $5.2B late last year for data firm IDC. There's also the question of how attractive a purchase would be if a Brexit goes through.
Tue, Mar. 1, 3:52 AM
- Intercontinental Exchange (NYSE:ICE) is considering making a counter-offer for the London Stock Exchange Group (OTCPK:LNSTY), potentially putting it head-to-head with rival bidder Deutsche Boerse (OTCPK:DBOEY).
- "There can be no certainty that any offer will be made, nor as to the terms on which any offer will be made. A further announcement will be made as appropriate," ICE said in a statement. "An offer will be made no later than 5pm on March 29."
- LSE Group +7.8% in London.
- Previously: Bloomberg: ICE preparing counteroffer for London Stock Exchange (Feb. 29 2016)
Mon, Feb. 29, 6:11 PM
- NYSE owner Intercontinental Exchange (ICE -0.6%) is throwing a spanner into plans that the London Stock Exchange (OTCPK:LNSTY -4.5%) has to merge with Deutsche Boerse (OTCPK:DBOEY -3.9%), by exploring its own counteroffer for LSE, Bloomberg reports.
- ICE is reportedly working with advisers including Morgan Stanley to prepare a possible higher offer than the £20B DB-LSE merger of equals.
- The company's unlikely to make a move before a March 22 deadline for Deutsche Boerse to make its formal offer for LSE, a source said.
- It's also prepared for political and corporate resistance. A combined Deutsche Boerse and LSE would better compete with ICE as well as CME Group (CME -1.9%), and give customers a single stop for primary markets in London, Frankfurt and Milan.
- After-hours action: CME flat.
Oct. 26, 2015, 10:23 AM
- Reportedly outbidding Markit (MRKT -0.6%) and Nasdaq OMX (NDAQ +0.1%), ICE (ICE +1.2%) agrees to buy Interactive Data from its P-E owners for $5.2B - $3.65B in cash and $1.55B of ICE stock.
- The deal is expected to close this year, and apparently eliminates the chance of an IPO for the company.
- ICE expects adjusted earnings accretion of roughly 5% in year one, with expense synergies of $150M mostly completed in the first three years.
- A conference call is set for 8:30 ET on Wednesday.
Mar. 9, 2015, 6:51 AM
- An EU court has upheld the European Commission's decision in 2012 to block the planned merger of Deutsche Boerse (OTCPK:DBOEY) and NYSE Euronext, saying that the Commission had not made legal errors or mistakes in its assessment of the definition of the relevant market.
- The court also rejected Deutsche Boerse's argument that a merger could have created efficiencies benefiting customers and that concessions made by the companies were sufficient.
Nov. 18, 2013, 4:35 PM
- Nasdaq OMX (NDAQ) is among three exchanges - Deutshce Boerse (DBOEY) and the London Stock Exchange (LDNXF) being the others - considering a bid for Euronext, the European exchanges set to be spun off by InterContinentalExchange (ICE) following its purchase of NYSE Euronext, reports the WSJ.
- The report quickly adds none of the thee are believed to have yet hired bankers to assist and the current plan is for Euronext to be spun off in a Paris IPO in 2014.
Nov. 13, 2013, 8:50 AM
Nov. 5, 2013, 9:57 AM
- The takeover of NYSE Euronext (NYX +1.6%) should close within days, says IntercontinentalExchange (ICE +2.2%) CEO Jeff Sprecher on the earnings call. Last week, the closing had to be called off as the firms awaited the necessary stamps from European regulators.
- Earlier, ICE reported Q3 EPS of $1.97 (net of merger-related costs), beating estimates by $0.12.
- ICE also declared a Q4 dividend of $75M (roughly $1 per share), contingent on the closing of the NYSE deal, payable on Dec. 31 to shareholders of record on Dec. 16.
- NYSE Euronext missed expectations on both lines.
Nov. 1, 2013, 9:25 AM
- The vast majority (81.74%) of NYSE Euronext shareholders have elected to be paid strictly with IntercontinentalExchange (ICE) stock (0.2581 shares for every 1 of NYX). 2.78% of shareholders elected to be paid in stock and cash, and a rounding error requested consideration all in cash.
- About 15% of the stock failed to make an election and will thus receive the Standard Consideration - a combination of stock and cash.
Oct. 30, 2013, 4:43 PM
- The previously announced date of November 4 has been pushed back to allow time for European regulators and ministries more time to issue their approvals. The companies remind they have received letters from the Chairmens' Committee of the Euronext College of Regulators "that it is not minded to object to ICE's proposed acquisition" of NYX.
- No new closing date is announced, but the companies expect receipt of the necessary approvals in a matter of days.
Oct. 21, 2013, 2:35 PM
- In a move that could pave the way for a U.S. IPO, Alibaba has received approval from the NYSE (NYX, ICE) and Nasdaq (NDAQ) to maintain management/founder control of its board, should it list on one of the exchanges. Hong Kong's unwillingness to agree to the same had led the Chinese e-commerce giant to pursue a U.S. listing.
- Alibaba, whose Q2 numbers were released last week by 24% shareholder Yahoo (YHOO +1.8%), will likely have a $100B+ IPO valuation, given the current multiples being assigned to U.S. and Chinese Internet names. That means its offering could exceed Facebook's in size, and will easily dwarf Twitter's.
Oct. 10, 2013, 7:23 AM
Oct. 2, 2013, 2:41 PM
- IntercontinentalExchange (ICE -0.7%) near finalizes its takeover of NYSE Euronext (NYX -0.5%) after receiving a letter from the Chairman's Committee of Euronext Regulators saying "they are not minded to object."
- Next up is approval from each national authority and regulator in each of the relevant European jurisdictions.
- The SEC has already given its nod.
Aug. 16, 2013, 9:40 AM
Jul. 30, 2013, 1:08 PM
- NYSE Euronext (NYX +0.8%) CEO Duncan Niederauer says the company's sale to IntercontinentalExchange (ICE +1%) is on track to close this fall after securing a number of key approvals, including one last month from the EU.
- The companies await a ruling from the SEC due by August 15.
- Analysts expect today's earnings release will be NYSE's last as a standalone company, and NYSE management didn't take questions on the earnings call - deferring those until ICE's August 6 call.
Jun. 24, 2013, 10:41 AM