Six, the owner of the Spanish stock market, launches a takeover bid for the British Aquis with a 68% premium

The Six group will launch a friendly takeover bid (takeover bid) for Aquis at a price of 727 pence sterling per share (8.75 euros), valued together at 194 million pounds sterling (233.8 million euros), as reported this Monday by the operator of the Swiss and Spanish stock exchanges.

Specifically, the boards of directors of the Six and Aquis group have reached an agreement on the conditions of a friendly cash takeover offer that Six will make to acquire the entire issued and to-be-issued ordinary share capital of Aquis.

Under the terms of the offer, each Aquis shareholder will be entitled to receive 727 pence (€8.75) per share in cash, valuing the entire issued and to-be-issued share capital of Aquis at approximately £207 million. sterling (249.4 million euros) using the treasury shares methodology. Likewise, it considers an enterprise value of approximately 194 million pounds sterling (233.8 million euros.

The offer provides value to Aquis shareholders at a premium of approximately 68% over the six-month volume-weighted average price of 433 pence per share (€5.21) of Aquis until November 8, 2024 (being the last trading day before the Offer Period begins) and 120% above the closing price of 330 pence (3.97 euros) per Aquis share on November 8, 2024.

Six believes that the acquisition of Aquis is a “compelling strategic opportunity that will complement its strategy to expand its securities business beyond its domestic markets.” In this way, the combined resources and capabilities of Six and Aquis will create a pan-European Exchange that encompasses the traditional primary market businesses of the Exchange and MTF.

Aquis, headquartered in London, operates through several business segments, including a pan-European multilateral trading facility (MTF) for equities covering 16 European markets, licensing of proprietary market infrastructure technologies, a primary listing market for UK growth stocks, and market data derived from Markets and Stock Exchange.

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