Spreadbetter IFX backs 58 mln stg takeover plan

Currency trader and spread-betting company IFX Group Plc said it would back a 58 million pound takeover plan by rival City Index, which made an initial approach in March.

City Index has offered 180 pence in cash per share, or around 57.9 million pounds.

“The IFX directors have considered the implications for all stakeholders in IFX of the options available and have concluded that the offer represents the best course available,” IFX Chairman Adam Mills said in a statement on Wednesday.

Shares in IFX, which was listed in 1965 and provides financial, commodity and spread-betting services to institutional and retail clients, closed at 181p on Tuesday.

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