LONDON - Aquis Exchange PLC (Aquis) has published a document detailing a proposed acquisition by SIX Exchange Group AG (SIX), a transaction that is to be implemented through a court-sanctioned scheme of arrangement. The announcement, made today, follows an agreement reached on November 11, 2024, between the boards of both Aquis and SIX.
The scheme document, now available on the Aquis and SIX websites, outlines the terms and conditions of the offer, an expected timetable of principal events, and the procedures Aquis shareholders must follow. Hard copies, or digital access instructions, have been dispatched to shareholders, who are required to vote on the proposed acquisition.
Aquis shareholders are to cast their votes at a Court Meeting and a General Meeting scheduled for December 20, 2024. The acquisition's successful completion hinges on the approval of a majority of voting shareholders, representing at least 75% in value of the scheme shares at the Court Meeting, and a similar majority for the special resolutions at the General Meeting.
The Aquis Directors, advised by Evercore on the financial terms of the acquisition, have endorsed the offer, considering it fair and reasonable. They have unanimously recommended that shareholders vote in favor of the acquisition, with those holding shares committing to vote accordingly.
The scheme document includes an update on Aquis' trading performance, indicating that it has been consistent with the Board's expectations since the last interim results reported on September 12, 2024. Full-year performance projections are contingent upon the continuation of this trend and the renewal of a significant technology division contract, which is currently under negotiation.
Should the acquisition proceed as expected, the scheme is anticipated to become effective in the second quarter of 2025. Any changes to the timetable will be communicated to shareholders through regulatory announcements and updates on the Aquis website.
This news is based on a press release statement and aims to provide shareholders with the essential information required to make an informed decision regarding the proposed scheme of arrangement.
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