The New Zealand Stock Exchange is likely to accept a revised offer from the Johannesburg Stock Exchange for its 22% stake in the Bond Exchange of South Africa.
An initial offer of 90 rand per share was rejected. NZX said it did not reflect the current, or likely future value of the Bond Exchange.
However, the Johannesburg Stock Exchange has since increased its offer to 125 rand per share, which represents a premium of 71% above the 73 rands per share originally paid by NZX.
NZX says it's now likely to accept, following clarification of the final terms. It expects the deal to be completed in the second quarter of next year.