Bloomberg Anywhere Remote Login Bloomberg Terminal Request a Demo


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Plus Rejects Gulf Merchant Takeover Bid in Favor of ICAP

June 1 (Bloomberg) -- Plus Markets Group Plc, holder of one of the five U.K. exchange licenses, rejected a takeover bid by Gulf Merchant Bank Ltd., backing a previously agreed offer from ICAP Plc for its stock-exchange unit.

“The terms put forward by Gulf Merchant are such that the Gulf Merchant proposal is materially less attractive in terms of net financial benefit to the group’s shareholders,” Plus said in a statement today. “Although the headline consideration from Gulf Merchant appears greater than that offered by ICAP.”

Plus, scheduled to close after running out of money and failing to agree terms with any buyer, in May agreed that ICAP, the world’s largest broker of transactions between banks, will pay 1 pound ($1.53) to buy its stock exchange unit. Yesterday, Gulf Merchant said it approached Plus Market with a revised offer “substantially in excess” of ICAP’s. The company didn’t reveal the terms of its offer.

Set up by former London Stock Exchange Plc executives, Plus sought to compete with LSE, and was granted exchange status in 2007. Still, it was unable to attract sufficient listings to be profitable or draw trading away from LSE, unlike other new entrants such as Bats Global Markets and Chi-X Europe Ltd.

Plus was being wound down over the next six months after failing to find a buyer. Companies listed on the exchange’s markets were told they needed to find an alternative venue.

To contact the reporter on this story: Nandini Sukumar in London at

To contact the editor responsible for this story: Andrew Rummer at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.