SWX Swiss Exchange has made an offer to take full control of the virt-x, the AIM-listed screen-based exchange in which it already holds a 39% stake.
The move comes two weeks after SWX admitted that deteriorating market conditions had damaged its joint bid with virt-x to create a pan-European blue chip exchange. At the time, SWX signalled that it would be open to approaches from other European stockmarket operators. The move to assume control of virt-x will strengthen the bargaining power of the Swiss exchange during the consolidation process.
SWX has made an offer of 12.5 pence per share, valuing virt-x at £34.9 million. The Tradepoint consortium, comprising banks and information group Reuters, which owns 39% of virt-x has given an irrevocable commitment to accept the offer.
The board of virt-x says it is considering the proposals and will make a recommendation to shareholders holding the outstanding 22% of the stock.