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Shares in Aquis Exchange PLC more than doubled on Monday after it agreed to be taken over by Six Group, the Swiss exchange operator. The 727 pence per share cash bid from Zurich-based Six Exchange AG, values Aquis at £225 million on a fully diluted basis. The price for Aquis represents a 120% premium to Friday’s closing price on AIM of 330p. Early Monday, shares in Aquis leapt 113% to 702.20p each. As well as being Switzerland’s principal stock exchange, Six Exchange provides trading other securities such as Swiss government bonds and derivatives. It also provides financial market information and technology products. Aquis, founded in 2021, is an exchange focused primarily on growth companies. It offers primary listings and secondary trading of equities, along with global licensing of proprietary technology. Six said the deal offered a ‘compelling’ strategic opportunity that will to strengthen its ability to serve customers in Switzerland, Spain and internationally. For its part, Aquis said it recognised the European exchange market remains highly competitive and requires ongoing investment in technology and distribution. It said it agreed to the Six offer after extensive talks and ‘several unsolicited proposals’ from Six. ‘Aquis will be better placed to deliver on its strategy of developing innovative capital market solutions from a position of further scale,’ it said in a statement. Aquis Chief Executive Alasdair Haynes said the offer ‘de-risks’ future value creation and provides Aquis shareholders with ‘certain value at a material premium.’ The Six offer has the unanimous support of Aquis directors and already has received backing from Aquis shareholders representing 51% of the total. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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