Miami International Holdings have announced an offer to acquire The International Stock Exchange.
Miami International Holdings (MIH) and The International Stock Exchange (TISE) have reached agreement on the terms of a recommended cash offer to be made by MIH, via MIH’s wholly-owned subsidiary, MIH East Holdings, Limited (MIH East Holdings), to acquire the entire issued and to be issued ordinary share capital of TISE not already owned by MIH East Holdings (the Acquisition).
The cash consideration for the Acquisition, of £22.50 per TISE ordinary share, values the entire issued and to be issued ordinary share capital of TISE at approximately £70.4 million ($91.5 million1), representing approximately £66.4 million ($86.4 million1), net of proceeds received from the expected exercise of options subsisting under the TISE Share Plans. MIH East Holdings currently owns 29.46% of the issued ordinary share capital in TISE.
“The acquisition of TISE represents an attractive international expansion opportunity for MIH, allowing us to further execute on our strategy of operating regulated financial markets both in the U.S. and internationally,” said Thomas P. Gallagher (pictured), Chairman and CEO of MIH. “We are committed to growing our international business and believe that investing additional resources in TISE will help expand its reach and capabilities. We look forward to working with the TISE team to develop new relationships with member firms and issuers and collaborate on opportunities for TISE’s future growth.”
“This offer is a testament to the significant progress we have made in executing our strategy to grow and diversify the business, as well as an endorsement of Guernsey as a leading international finance centre. Transformed from a local stock and bond market, today TISE is an established operator of public markets with an enlarged portfolio of financial markets and securities services for both public and private companies,” said Anderson Whamond, Chair of TISE. “The recommended cash acquisition recognises the strength of the business and enables our shareholders to realise the value of their investment. We are excited about the opportunities to collaborate with MIH to expand TISE’s offering across Europe and internationally.”
