Responding to an increase in its stock, UK based broker, London Capital Group has announced that it has been approached by Cantor Fitzgerald Europe, GAIN Capital, and City Index in regards to a possible acquisition of the firm. According to Exchange takeover codes, the three firms have until March 12th to make an offer for LCG.
Shares of London Capital are currently higher by 18%, to 47.50p from yesterday’s close of 40.00p. Previous to today’s announcement, shares have the broker have been rising after falling hard due to poor results during 2012 which led the firm to announce last month that it would be increasing its cost reduction plans during 2013. Shares hit a high of 83.00 during 2012 but fell as low as 32.00 this year. (GAIN Capital CEO Glenn Stevens was a member of our M&A Panel in last November’s London Summit)
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