25 Oct 2010

Clayton Utz advises Singapore Exchange on ASX merger deal

Sydney, 25 October 2010: Clayton Utz is acting as legal advisers to Singapore Exchange (SGX) on its proposed merger with ASX Ltd via scheme of arrangement, announced today.

Clayton Utz Corporate partners Rod Halstead and Karen Evans-Cullen are the firm's lead partners, with Banking partner Alex Schlosser advising on the financing of the transaction. Clayton Utz is advising SGX alongside Singapore law firm Allen & Gledhill LLP.

Under the Scheme terms, ASX shareholders will receive a combination of cash (AUD$22.00) and scrip (3.473 new ordinary SGX shares) for each ASX share.

The combined exchange group, ASX-SGX Limited, will have a market capitalisation of approximately AUD $16 billion at the current bid price. ASX and SGX will remain separate legal and locally regulated entities.

Commenting on the deal, Rod Halstead said: "This is an important transaction which represents the first merger of exchanges in the Asia-Pacific region in a period of significant structural change in global financial markets. It also continues Clayton Utz's strong track record of inbound cross-border M&A transactions."

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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.