ICE takeover of IPE gets shareholder nod

The IntercontinentalExchange Inc. said Monday that nearly 90% of IPE Holdings PLC shareholders had accepted the terms of the Atlanta-based internet energy market's April all-paper takeover bid, making the offer -- which could value the London-based petroleum exchange at up to $131 million -- "unconditional."


By the OGJ Online Staff

LONDON, June 18 -- The IntercontinentalExchange Inc. said Monday that nearly 90% of IPE Holdings PLC shareholders had accepted the terms of the Atlanta-based internet energy market April all-paper takeover bid, making the offer -- which could value IPE at up to $131 million -- "unconditional."

IPE Holdings owns the International Petroleum Exchange of London.

Under the terms of the original offer for IPE, approval by more than 90% of IPE shareholders gives ICE the right to buy up all outstanding IPE shares.

The acquisition deal involves an exchange of Class A and B shares of ICE, the latter being redeemable for cash during a specified period of time, for every IPE Holdings share. IPE shareholders will be able to cash in shares worth around $65 million of the total offer or convert them in to Class A shares for a set time period.

"Valid acceptances of the offer had been received in respect of a total of 10,254,006 IPE shares, representing approximately 89.6% of the issued share capital of IPE Holdings," said ICE.

"ICE Inc. is pleased to announce that all of the conditions of its recommended offer to acquire the issued and to be issued share capital of IPE have now been satisfied or waived and that the offer is accordingly declared unconditional in all respects."

The internet-based Intercontinental Exchange is based in Atlanta, Ga. (OGJ Online, Apr. 30, 2001).

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