(Bloomberg) —Intercontinental Exchange Inc. said it decided against making an offer for London Stock Exchange Group Plc, clearing the way for Deustche Boerse AG to combine with the British exchange in a deal that would create the biggest operator in Europe.
ICE determined that there was insufficient engagement to confirm the potential market and shareholder benefits of a strategic combination, the Atlanta-based exchange company said Wednesday in a statement. ICE has confirmed that it has no current intention to make an offer.
Traders looks at the top stock exchange mergers that transformed the capital markets.
LSE agreed to a Deutsche Boerse takeover in March, in a deal that values the British company at about 9.9 billion pounds ($14.4 billion), according to data compiled by Bloomberg, based on current share prices and debt. ICE had said it was also considering a bid for LSE earlier that month. The U.S. exchange had been working with banks and was lining up financing to support an offer, people familiar with the deliberations had said.
LSE shares plunged as much as 9.9 percent and are heading for their biggest drop since 2012. They traded at 2,512 pence at 1:30 p.m. in London. Deutsche Boerse rose 5.9 percent, heading for its biggest gain since 2012.
