The widely reported talks between trading platform Plus
Markets andproject
Turquoiseconcerning a take over by the
Turquoise came to an end last week after the companies failed to
reach agreement.
Although Plus Markets never confirmed the identity of the third
party that had approached it regarding a take over, it was
understood to be Turquoise, which was created by some of the
world's leading investment banks.
A deal would have seen Project Turquoise become an exchange with
a trading platform in the form of OMX. The cancelation of talks
means Project Turquoise will
continue to look for a technology partner.
"Following continuing detailed discussions, the board has
concluded that the transaction as envisaged would not deliver
sufficient benefits to all of the company's existing shareholders.
Accordingly, discussions with the third party have been terminated
and the company has today requested that its ordinary shares be
restored to trading on AIM," said a Plus Markets statement.
Plus Markets added, "The company did not publicly confirm the
identity of the third party with whom it was in discussions.
However, given the widespread press coverage about their identity,
you will understand that the board's reservations about the
transaction must have been extremely serious to have walked away
from such a high-profile deal."
A spokesman at Turquoise said the project has always had more
than one option for its technology, but added that the speculation
surrounding Plus Markets and its OMX platform was unavoidable. "It
is regrettable that Plus Markets had to issue a statement and stop
shares being issued. We have always had a dual track strategy to
choose our technology platform," said the spokesman.
Trading platform provider Cinnober is being mooted as an option
for Turquoise.