London 28/06/2016 - Singapore Exchange (SGX) and the Baltic Exchange have agreed to extend the period of exclusive discussions about a cash offer for 100 percent of the Baltic Exchange share capital from June 30 to August 31, SGX said
SGX and the Baltic Exchange have together met with shareholders and many stakeholders over the past weeks to discuss the transaction and have made good progress in consultations, SGX said in a press release on Tuesday.
The extension to the period of exclusivity allows this dialogue to continue before the final terms of the transaction are agreed, it added.
CME Group, ICE and Platts had previously been rumoured to be potential buyers.
Late last year, the London Metal Exchange also reportedly made an approach for the Baltic, its second after 2010 when it proposed a joint venture that was rebuffed due to a lack of support from the Baltic's members.
The Baltic, which reported an operating profit after tax of 1.34 million pounds in the year ended March 31, is the world's only independent source of maritime market information for the trading and settlement of physical and derivative contracts. It has an international community of more than 640 members.
(Additional reporting by Vivian Teo, editing by Mark Shaw)