Tullett Prebon shareholders approve ICAP deal
Tullett Prebon shareholders have approved the interdealer broker’s acquisition of Icap’s hybrid voice broking and information business.
Financial Services
16,492.39
15:44 15/11/24
FTSE 250
20,508.75
15:45 15/11/24
FTSE 350
4,453.56
15:45 15/11/24
FTSE All-Share
4,411.85
15:45 15/11/24
ICAP
469.70p
17:09 14/12/16
TP Icap Group
258.50p
15:45 15/11/24
At an extraordinary general meeting held on Thursday, Tullett shareholders approved both resolutions of the prospectus.
Under the terms of the deal, Tullett will issue a parcel of new shares greater than its current share capital so that once the deal is completed, Icap will own 56% of the merged entity before distributing 36.1% of Tullett to its own shareholders.
Once the deal is concluded, current Tullett shareholders will own 44% of the enlarged company, 36.1% by Icap shareholders and the remainder by a NewCo holding company of the Icap business.
Tullett will also take on gross debt of £330m with the acquisition and the share issue means the deal is expected to be dilutive in first year.
At 1452, shares in Tullett were off 0.5% to 352.54p.