London Stock Exchange - EGM 26 November 2019
London Stock Exchange Group (LSEG) called the general meeting to approve an acquisition of Refinitiv in an all-share transaction for a total enterprise value of US$27bn. After the transaction, Refinitiv shareholders will hold 37% of LSEG share capital but less than 30% of the total voting rights. The company proposes to create a new class of shares - limited-voting ordinary shares giving 1/10 of voting rights. Thus, the Refinitiv shareholders are not obliged to propose a takeover bid.
Refinitiv shareholders form a consortium including certain investment funds affiliated with Blackstone, such as Canada Pension Plan Investment Board, an affiliate of GIC Special Investments Pte. Ltd., and certain co-investors, as well as Thomson Reuters.
Despite the high cost of the acquisition, we recommend its approval considering the strategic interest and potential for shareholder value creation.
London Stock Exchange Group is a global markets infrastructure business based in the United Kingdom. Co's operating segments include: Information Services, which provides a range of information and data products including indexes and benchmarks; Post Trade Services LCH, which provides clearing services through which counterparty risk is mitigated across multiple asset classes; Capital Markets, provides access to capital for domestic and international businesses and electronic platforms for secondary market trading of equities, bonds and derivatives; and Group Technology, which provides secure technologies to customers that require performance at high levels of availability and throughput.
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