LSE and LCH agree revised offer

 
City A.M. Reporter

THE LONDON Stock Exchange Group has agreed terms for a revised £284m cash offer to buy a majority stake in clearing house LCH Clearnet, it said this morning.

Under the revised offer, the LSE will acquire up to a further 55.5 per cent in LCH, which makes money by acting as a middleman in financial trades and guaranteeing to complete deals if one of the parties cannot.

Shareholders that accept the deal will receive €15 per LCH share, an offer that values the firm at €633m.

LSE will then own up to 57.8 per cent of the firm, including its current 2.3 per cent stake, leaving other LCH shareholders with at least 42.2 per cent.