Nex (NXG) has struggled to control its costs and protect margins in its rebrand as an electronic post-trade and information specialist. It’s no wonder that Chicago-based futures exchange CME's (US:CME) £3.9bn offer – a hefty premium to its undisturbed share price – for the securities trading specialist was viewed with delight by shareholders. CME and Nex – formerly Icap – have agreed on a bid equivalent to 1,000p a share, consisting of 500p in cash and 0.0444 new CME shares. Nex shareholders would also be entitled to a final 2018 dividend of no more than 7.65p a share.
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