(MENAFNEditorial)
- Advances and accelerates Nasdaq's strategic direction as a technology and analytics provider to the global capital markets and beyond
- Expected to deliver 10% ROIC within 3-5 years, and accretive to non-GAAP EPS within 12 months of closing given the synergistic nature of the transaction
- The transaction is consistent with Nasdaq's existing capital deployment priorities including our organic business investment, shareholder capital return, and leverage objectives
STOCKHOLM, Sweden, Sept. 14, 2018 (GLOBE NEWSWIRE) -- 1 all cash recommended public offer to the shareholders and warrant holders of 2 The transaction represents an offer value of approximately SEK 1,702m (appr. USD 190m).3 The Board of Directors of Cinnober has unanimously recommended that shareholders and warrant holders accept the offer. The acceptance period of the public tender offer is expected to close during the fourth quarter of 2018, subject to certain conditions customary in Swedish public tender offers (e.g. that Nasdaq becomes owner of more than 90% of the shares in Cinnober and review by relevant competition authorities).
Nasdaq's world-leading market technology powers more than 250 of the world's market infrastructure organizations and market participants, including broker-dealers, exchanges, clearinghouses, central securities depositories and regulators, in over 50 countries with end-to-end, mission-critical technology solutions. These solutions entail managing and mitigating risk, enhancing integrity and protecting reputations with trade surveillance, behavioral analytics and risk management.
About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology is used by 250 of the world's market infrastructure organizations and market participants, including broker-dealers, exchanges, clearinghouses, central securities depositories and regulators in over 50 countries with end-to-end, mission-critical technology solutions. Nasdaq is home to approximately 4,000 total listings with a market value of approximately $14 trillion. To learn more, visit: http://business.nasdaq.com.
About Cinnober
Cinnober provides solutions and services to leading trading and clearing venues, including exchanges, clearinghouses, banks and brokers. Cinnober's solutions are largely based on the TRADExpress™ Platform, incorporating everything needed for mission-critical solutions in terms of performance, robustness and flexibility. The portfolio of offerings includes price discovery and matching, real-time risk management, clearing and settlement, index calculation, data distribution and market surveillance.
Cinnober's customers include the Asia Pacific Exchange, Australian Securities Exchange, B3, Dubai Gold & Commodities Exchange, Euronext, Japan Exchange Group, Johannesburg Stock Exchange, the London Metal Exchange, LME Clear, NYSE and the Stock Exchange of Thailand, among others.
Cautionary Note Regarding Forward-Looking Statements
Statements in this press release relating to future status and circumstances, including statements regarding the anticipated offer timeline, future performance, growth and other projections as well as benefits of the offer, are forward-looking statements. These statements may generally, but not always, be identified by the use of words such as 'anticipates', 'expects', 'believes', or similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. Actual results may differ materially from those expressed or implied by these forward-looking statements due to many factors, many of which are outside the control of Nasdaq and its subsidiaries. Such risk factors may include the performance of the global economy, ability of Nasdaq to integrate the acquired business, ability of Nasdaq to receive regulatory approvals necessary for the offer (whether timely or otherwise), availability of exemptions from under Rule 14d-1(c) or Rule 14d-1(d) promulgated under the Exchange Act, and any other risk factors detailed in Nasdaq's annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. Any such forward-looking statements speak only as of the date on which they were made and Nasdaq has no obligation (and undertake no such obligation) to update or revise any of them, whether as a result of new information, future events or otherwise, except for as required by applicable laws and regulations.
Contact for Nasdaq:
Ryan Wells
Mobile: +44 (0) 7809 596 390
Ed Ditmire
Investor Relations
+1 212 401 8737
-NDAQF-
IMPORTANT INFORMATION
PLEASE NOTE THAT THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO TENDER SHARES IN CINNOBER, AND THAT THE OFFER IS NOT BEING MADE TO (NOR WILL TENDER OF SHARES BE ACCEPTED FROM) PERSONS WITHIN AUSTRALIA, HONG KONG, JAPAN, CANADA, NEW ZEALAND OR SOUTH AFRICA OR PERSONS IN ANY OTHER COUNTRIES WHERE TENDER OF SHARES WOULD REQUIRE FURTHER DOCUMENTATION, FILINGS OR OTHER ACTIONS IN ADDITION TO SWEDISH LAW.
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1 Based on an exchange rate of USD 1.00 = SEK 8.96 as of September 13, 2018
2 The price for the warrants corresponds to the so called 'see-through value' of the warrants. The warrants have an exercise price of SEK 46.67 and each warrant entitles to 3 new shares in Cinnober.
3 Based on an exchange rate of USD 1.00 = SEK 8.96 as of September 13, 2018
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