Belfast Telegraph

Nex confirms non-binding offer from CME as shares surge

Nex, which specialises in wholesale trading, is headed by Michael Spencer – the former Conservative Party treasurer.

Shares in electronic trading firm Nex Group rocketed on Wednesday as the group confirmed it has received a takeover offer worth over £3.7 billion from US giant CME.

Nex, which specialises in wholesale trading, is headed by Michael Spencer – the former Conservative Party treasurer.

The FTSE 250 firm has a market capitalisation of around £3.7 billion and any deal would see Mr Spencer, who holds 17% in Nex, net a bumper payout.

Nex shares closed up over 9% at 971.9p.

The group said in a statement: “The board of NEX Group notes this afternoon’s press speculation and confirms that it has received a non-binding proposal from CME Group regarding a potential acquisition of NEX at a price of £10 per share.

“Discussions are at an advanced stage; there can be no certainty that an offer for NEX will be made, nor as to the terms of any offer.

“A further announcement will be made if appropriate.”

Earlier this month, CME Group confirmed the takeover approach and said it is undertaking due diligence to determine whether a firm offer can be made.

According to UK takeover rules, CME must make a firm offer or walk away by April 12.

It has been speculated that CME’s approach could also see rivals players such as Deutsche Borse, Intercontinental Exchange and SGX make a play for Nex.

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