GL TRADE announces that its main shareholders have accepted SunGard’s offer to acquire GL TRADE for €41.70 per share
GL TRADE, global provider of multi-market and multi-asset solutions for […]
September 18, 2008
GL TRADE, global provider of multi-market and multi-asset solutions for international financial institutions, today announced that its main shareholders, Euronext Paris S.A., Gagnières, and Messrs. Pierre Gatignol, Louis-Christophe Laurent and Frédéric Morin, have accepted SunGard’s offer to acquire their majority stake in GL TRADE representing, directly and indirectly, 64.52% of GL TRADE’s share capital, at a price of €41.70 per GL TRADE share. The price offered implies an equity value of €400.7 million for 100% of GL TRADE’s share capital (excluding the effect of stock options).
This decision has been made after the information and consultation process of GL TRADE’s workers’ committee in relation to SunGard’s proposal pursuant to Article L. 2323-19 of the French Labor code has been completed.
The transaction was cleared by the German competition authorities on September 15, 2008 and closing is expected to take place in the early days of October 2008.
In accordance with the General Regulations of the French securities authority (Autorité des marchés financiers or “AMF”) and following completion of the transaction, SunGard will launch an all-cash tender offer for the remainder of GL TRADE’s share capital at the same price of €41.70 per GL TRADE share.