Tullett Prebon Plc (LON:TLPR) has just provided an update regarding the proposed acquisition of the global hybrid voice broking and information business of ICAP plc (LON:IAP).
- Regulatory approvals
Tullett Prebon said there was no further information on discussions with the United States Department of Justice (DOJ), which in February requested additional information and documentary material regarding the planned deal. Tullett Prebon said it continues to respond to the request and works cooperatively with the DOJ.
Both companies are also engaged in pre-notification discussions with the UK Competition and Markets Authority (CMA). They have submitted a draft notification, met with the CMA and responded to CMA requests for information.
The deal will also require clearance from anti-trust authorities in Singapore and Australia.
The UK Financial Conduct Authority (FCA) will also have to give its approval in relation to a change of control to enable the transaction to take place. Tullett Prebon plans to make such applications before the end of the first half of 2016.
Tullett Prebon says the combined class 1 circular and prospectus relating to the transaction will be published later today. Tullett Prebon’s shareholder vote and ICAP’s shareholder vote will take place on 24 March 2016.
Pending satisfaction of the conditions to completion, Tullett Prebon still expects that the Transaction will close in 2016.
You can view the full announcement from Tullett Prebon by clicking here.