Tullett Prebon PLC Statement re transaction with ICAP (8851B)
June 21 2016 - 1:25PM
UK Regulatory
TIDMTLPR
RNS Number : 8851B
Tullett Prebon PLC
21 June 2016
FOR IMMEDIATE RELEASE
21 June 2016
Tullett Prebon plc
Update on the proposed acquisition of ICAP's global hybrid voice
broking and information business
Tullett Prebon plc ("Tullett Prebon") notes today's announcement
by the Competition and Markets Authority (the "CMA") in relation to
the proposed acquisition by Tullett Prebon of the global hybrid
voice broking and information business of ICAP plc ("ICAP") (the
"Transaction").
On 7 June the CMA announced it would refer the Transaction to a
Phase 2 investigation unless suitable undertakings were offered.
Tullett Prebon and ICAP have undertaken to divest ICAP's
London-based oil desks (with key staff) responsible for providing
broking services to customers based in Europe, Middle East &
Africa to a suitable purchaser(s) to be approved by the CMA. The
CMA will now consider in detail the proposed undertakings instead
of referring the Transaction for an in-depth investigation.
Tullett Prebon and ICAP are working together to achieve the
proposed divestment within the appropriate timeframe.
Tullett Prebon and ICAP have agreed that ICAP will no longer
retain a 19.9% interest in the combined TP ICAP after completion of
the Transaction and, subject to the requisite approvals, these
shares will be issued directly to ICAP shareholders such that they
will hold approximately 56% of the combined TP ICAP share capital
on completion.
Other than as disclosed by Tullett Prebon, there has been no
other significant change affecting any matter contained in the
announcement of the Transaction on 11 November 2015 and no other
significant new matter has arisen which would have been required to
be mentioned in that announcement if it had arisen at the time of
the preparation of that announcement.
Tullett Prebon remains confident that clearance from the CMA
will be obtained, and the Transaction remains on track to close in
2016.
Enquiries
Stephen Breslin
Group Head of Communications,
Tullett Prebon plc
Direct: +44(0)20 7200 7750
Email: sbreslin@tullettprebon.com
Kim Fletcher/Craig Breheny
Brunswick Group LLP
Switchboard: +44 (0) 207 404
5959
Email: tullettprebon@brunswickgroup.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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