Receive $80 Grab vouchers valid for use on all Grab services except GrabHitch and GrabShuttle when you subscribe to BT All-Digital at only $0.99*/month.
Find out more at btsub.sg/promo
THE Singapore Exchange (SGX) and potential acquisition target Baltic Exchange have extended exclusive negotiations to Aug 31 from June 30 to continue "dialogue" with shareholders.
"SGX and the Baltic Exchange have together met with shareholders and much of the stakeholder community over the past weeks to discuss the transaction and have made good progress in consultations," SGX said in a statement. "The extension to the period of exclusivity allows this dialogue to continue before the final terms of the transaction are agreed."
The exclusive negotiation period was agreed upon on May 25 to discuss a cash offer for all of the Baltic Exchange, a data provider whose products are used for global shipping rates and for trading freight derivatives. No pricing has been disclosed, but the Baltic Exchange has been speculated to be worth around US$100 million.
Other bidders that have been reported to have been interested in acquiring the Baltic Exchange include the London Metal Exchange, CME Group, ICE, China Merchants Group and Platts.