Deals
Singapore Exchange’s $8.3 Billion ASX Bid Prompts Share Slump
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Singapore Exchange Ltd. agreed to buy ASX Ltd., Australia’s main stock exchange, for A$8.4 billion ($8.3 billion) in cash and shares in a drive to compete with Hong Kong and Tokyo. Shares in the Singapore company tumbled the most in two years after the announcement.
The operator of Singapore’s stock market is offering A$48 per ASX share, 37 percent more than the company’s last price on Oct. 22, the companies said. Shares in ASX closed below the offer price at A$41.75 on concern the deal may not be approved by Australia’s government or regulators. The two exchanges will remain separate legal entities and be regulated locally.