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US: ICE claims Brexit scrapped counterbid for LSE

By  |  August 3, 2016

Intercontinental Exchange Inc was “fortunate” to have scrapped a potential counterbid for the London Stock Exchange in May, ahead of the Brexit vote, the head of the New York Stock Exchange operator said on August 3.

ICE would have had to make its bid to derail LSE’s planned $27 billion merger with Deutsche Boerse just ahead of the June 23 referendum.

ICE still has around three months to reconsider and make an offer for LSE, provided it has approval from the British Panel on Takeovers and Mergers, or if the LSE-Deutsche Boerse merger falls through or another bidder comes in for the UK bourse.

But ICE CEO Jeffrey Sprecher said ICE also has other options to expand its footprint in Europe and highlighted the ongoing uncertainty there. He said further fragmentation in Europe following the Brexit vote could create new demands from ICE’s customers.

Full Content: Reuters

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