The London Stock Exchange (LSE) has announced that it has raised its offer to acquire an additional 55% of international clearing house, LCH.Clearnet to €15 per share. The revised bid values LCH Clearnet at €633 million. The bid follows a previous revised offer from the LSE last December.
Last month, LCH Clearnet posted its 2012 results. On the year, revenues reose to €462 million, with operating profit growing 89% to €127.5 million. According to terms of the deal, terms of the deal will be accepted if more than 50% of LCH Clearnet shareholder agree to the offer.
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The M&A activity is part of an active set of deals in the exchange related space. Late last year, the ICE made an offer to acquire the NYSE Euronext, which led traders to believe that other exchanges may make competing bids or consolidate themselves. In addition, the Moscow Exchange floated itself in an offering during February.