London exchange trims LCH.Clearnet offer

The Exchange said Monday that its offer values LCH.Clearnet at a provisional 15 euros (US$19.83) per share, down from the March offer of around 20 euros 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 euros 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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