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SIX to squeeze out remaining shareholders of Spanish bourse operator BME

SIX Group AG said it will exercise its right to squeeze out the remaining shareholders of Spain's Bolsas y Mercados Españoles Sociedad Hldg de Mercados y Sistemas Financieros SA, or BME.

BME shareholders with an aggregate 1,798,530 shares, representing about 2.151% of BME's share capital, exercised their sell-out right, taking SIX's total stake to 95.315%. The Swiss stock exchange operator's offer terms said it could pursue a squeeze-out if BME shareholders held less than 5% share capital on or before Sept. 5.

In June, SIX completed the acquisition of 77,899,990 shares in BME, representing a 93.16% stake, for a total price of roughly €2.57 billion.

BME shareholders who still wish to exercise their sell-out rights have until Sept. 5 to do so. The price per BME share, both in the cases of squeeze-out and sell-out, will be €32.98, the same as in the offer.

However, SIX noted that should BME approve or make any distribution of dividends, reserves, equity return or any other kind of distribution to its shareholders prior to the squeeze-out or sell-out transaction settlement date, the price per share will be reduced by an amount equal to the gross amount of that distribution.

SIX said it will inform Spanish stock market regulator CNMV regarding its decision to exercise the compulsory sale before the end of the offer acceptance period Sept. 5.

The shares of BME will be delisted from the Madrid, Barcelona, Bilbao and Valencia stock exchanges upon settlement of the squeeze-out transaction.