Aquis Exchange PLC (AIM: AQX) has agreed to a takeover by Switzerland’s SIX Exchange for 727p per share in cash, valuing the company at £225 million on a fully diluted basis.
The two boards announced a recommended cash offer, which is more than double last Friday’s closing price of 330p, 68% higher than the six-month average of 433p, and above the 500p one-year peak reached in July.
The Cash Consideration provides value for Aquis Shareholders at a premium of approximately:
° 120 per cent. to the Closing Price of 330 pence per Aquis Share on 8 November 2024 (being the last trading day before the commencement of the Offer Period);
° 68 per cent. to the six-month volume weighted average price of 433 pence per Aquis Share to 8 November 2024 (being the last trading day before the commencement of the Offer Period);
° 76 per cent. to the nine-month volume weighted average price of 413 pence per Aquis Share to 8 November 2024 (being the last trading day before the commencement of the Offer Period); and
° 45 per cent. to the highest closing price per Aquis Share of 500 pence in the 12-month period prior to 8 November 2024 (being the last trading day before the commencement of the Offer Period).
Aquis founder and CEO Alasdair Haynes expressed his pride, stating, “I am immensely proud of the business we have built,” reflecting on its launch as a subscription-based startup exchange in 2012.
“Aquis has a clear growth trajectory; however, the Aquis directors acknowledge that there are always operational, commercial, and market risks involved in the timing of future value creation.
“The offer mitigates these risks and provides Aquis shareholders with a guaranteed return at a significant premium.”
He added that, as part of SIX, Aquis would be able to fast-track its business development and “compete more effectively on the European stage while maintaining its entrepreneurial spirit.”
SIX stated that Aquis will continue to operate under its current brand and business model.
