LONDON (AP) ? London Stock Exchange PLC has reduced the value of its bid to buy up to 60 percent of European clearing house LCH.Clearnet to take into account new capital requirements being imposed by regulators.
The Exchange said Monday that its offer values LCH.Clearnet at a provisional ?15 ($19.83) a share, down from the March offer of around ?20 a share. The overall value of the deal was not disclosed.
It said the reduction was based on the assumption that LCH.Clearnet will have to raise ?300 million in new capital. LCH.Clearnet is currently in discussions with regulators about how much It needs to raise to shore up its capital base.
The offer for LCH.Clearnet, which clears trading deals, including risky derivatives, has been extended to the end of January.
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