Talks between London's Baltic Exchange and Singapore Exchange regarding the latter's 100% cash offer to buy the UK bourse have been extended by two months, both exchanges said in separate statements.
The exclusivity agreement was signed on May 25 and was initially due to expire June 30, but that has now been extended to August 31.
"Over the past weeks the Baltic Exchange and SGX have together met with Baltic Exchange shareholders, members and panellists as well as the wider stakeholder community to discuss the potential transaction and have made good progress in consultations," the Baltic Exchange said Tuesday.
"The extension to the period of exclusivity allows this dialog to continue before the final terms of the transaction are agreed," SGX said. But it added there was no guarantee the talks would lead to a definitive sale agreement.
The Baltic Exchange provides information on maritime markets, with indexes used for the settlement of physical and derivative contracts.
SGX is one of Asia's largest bourses and a deal with the Baltic Exchange would help to cement Singapore's position as a global maritime hub. Singapore is the world's largest bunkering hub.
