ASX bids for SFE Corp

New Angles

The Australian Stock Exchange (ASX) has bid A$2.3 billion ($1.6 billion) for SFE Corporation, which runs the Sydney Futures Exchange. ASX plans to exchange each SFE share for 0.51 ASX shares, a 25% premium on the current market value. The company also promised to hand back A$100 million to shareholders if the merger succeeded. SFE shareholders were also given the option of receiving A$2.58 per share in cash and the balance in shares.

If the merger goes ahead, ASX chairman Maurice Newman and chief

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