Exchange Takeover - Aquis shares soar 114% on agreed deal
- SIX's offer values Aquis at 207 mln stg
- Aquis to operate under existing brand and business model
ZURICH, Nov 11 (Reuters) - Swiss stock exchange operator SIX Group said on Monday it had agreed to buy Aquis Exchange Plc
(AQX.L), opens new tab in a cash offer that values the business at 207 million pounds ($266.91 million), sending the London-based company's shares soaring.
Under SIX's offer, each Aquis shareholder will be entitled to receive 727 pence per share in cash, more than double Friday's closing price of 330 pence. The deal comes at a time of high competition in the European exchange market and companies such as Aquis face ongoing demands to invest in technology and distribution.