City Index snaps up IFXAugust 4, 2006guidfarr No Comments »
Spread betting company City Index has agreed to snap up financial trading platform operator IFX Group.
City Index and IFX announced today that they have agreed a recommended cash offer priced at 180p per share, valuing IFX at £57.9m.
The offer comes at a 15% premium to IFX’s share price on 25 April, when it was announced City Index was considering a bid for the company havinga lreayd been rebuffed a month earlier.
The bid looks likely to proceed smoothly with City Index having already secured support from nearly 60% of shareholders in the group.
City Index chief executive Clive Cooke said, “We believe the offer represents the next logical step for City Index and IFX, as it will provide opportunities to utilise economies of scale in what is now a retail electronic trading business.”