Michael Spencer, the founder of Nex, would join the board of CME if the deal goes ahead James Boardman / ReutersNex, the electronic trading business founded and run by the businessman Michael Spencer, has recommended a £3.9 billion takeover by its US rival CME, the world’s largest futures exchange. Shareholders would receive 500p in cash for each Nex share they hold and 0.0444 new CME shares, valuing Nex shares at £10. “The combination of NEX and CME will be an industry-changing transaction,” said Mr Spencer, 61, a former Conservative Party treasurer and one of the City’s most colourful figures. The new company would have its headquarters in Chicago but base its European headquarters in London, which Mr Spencer said was “a signal of tremendous support for Britain’s financial services sector”. Mr Spencer would join the board of CME to drive the integration of the combined…

Source: The Times March 29, 2018 07:52 UTC