Breaking: Saxo Bank Terminates SPAC Deal Ending Public Listing Ambitions

[forex4you]

Breaking: Saxo Bank Terminates SPAC Deal Ending Public Listing Ambitions

<p>Saxo Bank announced the termination of its proposed merger deal on Wednesday with the blank-check firm, Disruptive Capital Acquisition Company (DCAC), that would have made the broker public.</p><p>The <a href="https://www.financemagnates.com/forex/brokers/saxo-bank-explores-amsterdam-listing-with-spac-deal/" target="_blank" rel="follow">potential deal between Saxo and the SPAC</a> was initially announced in mid-September. If materialized, the merged entity would be listed on Euronext Amsterdam.</p><p>"It has after careful consideration been determined that the timing is not optimal," the official press release on the termination of the announcement stated.</p><p>Headquartered in Denmark, Saxo is a major player in the <a href="https://www.financemagnates.com/terms/f/forex-trading/" target="_blank" id="258a569f-bf49-4a61-a1b4-bc352d76141f_1" class="terms__main-term">forex trading</a> industry, providing services to retail and professional traders. The purpose of the now-failed <a href="https://www.financemagnates.com/terms/m/merger/" target="_blank" id="7631c19b-b9f3-43ee-a0cf-d4f8094270bc_2" class="terms__secondary-term">merger</a> deal was to diversify its shareholder base. Further, it would have raised the company's profile and accelerated its growth strategies.</p><p>The broker is already well-capitalized, and there would be no primary issue of shares with the listing. However, Geely Financials Denmark A/S and Sampo Plc, two existing <a href="https://www.financemagnates.com/tag/saxo-bank/" target="_blank" rel="follow">Saxo</a> shareholders, considered liquidating their holdings, while a few Board Members and some of the senior management at Saxo, including the CEO Fournais, intended to raise their stake.</p><p>The End of SPAC Deals?</p><p>Saxo's SPAC partner, DCAC, listed itself on Euronext Amsterdam last October, raising £125 million. If its merger had materialized, DCAC shareholders would have received Saxo shares with the subsequent delisting and liquidation of SPAC.</p><p>"DCAC is contemplating its options, taking into account its business combination deadline of 11 January 2023, subject to potential extension," the press release added.</p><p>Saxo is not the only financial services broker to terminate its public listing plans following a SPAC deal. eToro, which is a prominent name in the retail trading space, terminated its ambitions of going public on a United States stock exchange. eToro agreed to a merger deal with <a href="https://www.financemagnates.com/forex/etoros-spac-partner-will-return-250m-to-investors/" target="_blank" rel="follow">Betsy Cohen's blank-check company</a>, but the two could not seal the deal before the deadline.</p>

This article was written by Arnab Shome at www.financemagnates.com.

Source: Breaking: Saxo Bank Terminates SPAC Deal Ending Public Listing Ambitions