London 04/08/2016 - Singapore Exchange (SGX) has made a formal offer of 77.6 million pounds for the Baltic Exchange, it said.
Shareholders of the Baltic Exchange are being offered 160.41 pounds in cash per Baltic share. The Baltic shareholders are also expected receive at least 18.80 pounds in cash as a final dividend per Baltic share, the SGX also said in a release on Thursday.
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.
(Editing by Mark Shaw)