Chi-X Europe receives takeover offer

26 August 2010

An offer has been made to acquire equities exchange Chi-X Europe, the firm has announced.

The trading facility provider confirmed it has received an offer from an unnamed third party which is now under review by its board of directors.

Although Chi-X Europe did not reveal the name of the interested body, reports suggest that Bats Global Markets put forward the offer.

The latter is responsible for the management of the Bats Europe stock trading system, Bloomberg reported.

John Woodman, chairman of Chi-X Europe, said: “Any future offer must be examined and assessed to ensure that it fully values the company and also we must take into consideration the strategic interests of shareholders/stakeholders.

"This interest in Chi-X Europe is a result of our track record in becoming a major European exchange over the last three years and our move into profitability in 2010.”

In the statement, Mr Woodman added that Chi-X Europe was not originally looking to bought out.

Nasdaq OMX Group and Deutsche Boerse AG have also been reported as possible bidders for the exchange.

In July Chi-X Europe published statistics for the second quarter of 2010, which showed the number of trades on the exchange to have increased by 95 per cent from the same period the previous year.

By Jim Ottewill

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