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Highlights
The offer from SIX represents a 120% premium to Aquis's closing share price on November 8, 2024, significantly enhancing shareholder value.
The acquisition will proceed as a Court-sanctioned scheme under the UK Companies Act, ensuring a structured and regulated process.
Aquis shareholders will receive 727 pence per share in cash, marking an attractive premium based on recent average share prices.
The Swiss financial infrastructure giant, SIX Exchange Group AG, has made a recommended all-cash offer to acquire Aquis Exchange PLC (LSE:AQX), a UK-based alternative trading platform. The boards of both companies have agreed upon the terms, which promise substantial value to Aquis shareholders. Under the agreement, SIX will acquire the entire issued and to-be-issued ordinary share capital of Aquis, with the transaction to be carried out as a Court-sanctioned scheme of arrangement under Part 26 of the UK Companies Act.
The offer values each Aquis share at 727 pence in cash, providing shareholders with a substantial premium over recent trading prices. Specifically, this cash consideration offers a premium of 120% to the closing price of 330 pence on November 8, 2024, which marked the last trading day prior to the announcement of the offer. This acquisition marks a significant step for both companies and reflects SIX’s commitment to expanding its presence in the European market.
In terms of value over time, the offer price also represents:
- A 68% premium to the six-month volume-weighted average price of 433 pence per Aquis share as of November 8, 2024.
- A 76% premium to the nine-month volume-weighted average price of 413 pence per share.
- A 45% premium compared to the highest closing price of 500 pence per share in the twelve months leading up to the offer announcement.
These elevated premiums underscore SIX’s strategic interest in Aquis’s market position and growth potential, as well as the compelling opportunity for shareholders to realize value immediately through the cash payment. By securing this deal, SIX aims to strengthen its market offerings and capitalize on Aquis’s innovative trading model and infrastructure.
Details of the Offer Structure
The acquisition will proceed via a scheme of arrangement, a structured legal framework commonly used for corporate mergers and acquisitions in the UK. This approach requires Court approval and the consent of Aquis shareholders, ensuring that the transaction aligns with regulatory requirements and shareholder interests.
The boards of both companies have unanimously recommended the offer to Aquis shareholders. By endorsing the offer, they recognize the significant cash premium as a beneficial opportunity for stakeholders, providing immediate value amidst current market conditions.
The acquisition aligns with SIX’s broader strategy of expansion and innovation across Europe. The group, which already manages the infrastructure for the Swiss and Spanish stock exchanges, aims to leverage Aquis’s technological capabilities and alternative trading framework to enhance its own service offerings.
This acquisition, if successful, would integrate Aquis into SIX’s broader network, potentially providing access to new market segments and strengthening the competitive positioning of both entities within the European financial services landscape.
