I am pleased to announced that Singapore Exchange (SGX) and the Baltic Exchange have agreed on the terms for a recommended offer by SGX for the entire issued share capital of the Baltic Exchange. As previously announced, under the terms of the Proposed Acquisition, Baltic Exchange shareholders will be entitled to receive:
£160.41 in cash for each Baltic Exchange Share
£19.30 in cash per Baltic Exchange Share as a final dividend
This values the Baltic Exchange’s entire issued ordinary share capital at approximately £87.0 million (approximately S$153 million).
I believe that the Proposed Acquisition will accelerate the growth and development of the Baltic Exchange beyond what it could achieve on its own. Already a trusted business partner, SGX has committed to retaining the Baltic’s ethos as a membership organisation, retaining our London headquarters and further consolidating the Baltic’s value, influence and reach within the global shipping community. Following extensive consultations with stakeholders, over the past few months, the Board believes that SGX’s offer is in the best interests of Baltic Exchange Shareholders, members, panellists, employees and of the broader London maritime hub, from where it will continue to be based.
An announcement detailing the Proposed Acquisition can be found here.