Bid talks hand extra £136m to Spencer
CITY tycoon Michael Spencer was £136m richer last night after takeover talks sent shares in his electronic trading company to a record high.
The 62-year-old, a former Tory Party treasurer, has entered discussions with the bosses of Chicago-based CME Group over the possible sale of Nex, the firm he set up more than 30 years ago.
The talks could spark a bidding war for the trading company – with others thought to be interested including the London Stock Exchange, Deutsche Boerse and New York Stock Exchange owner Intercontinental Exchange.
Shares in Nex, which changed its name from Icap in 2016, jumped 30pc, or 203.5p, to a record high of 874p at the close yesterday – pushing the value of the company up to £3.3bn. Spencer’s near-18pc stake is valued at £585m. The City veteran is known for his wine cellar, 20th century art collection, legendary parties as well as his contacts across business, politics and beyond. He once turned exclusive Mayfair hotel Claridge’s into a Chicago speakeasy, and for his 60th birthday he flew 150 friends to £1,000-a-night hotels in the Moroccan city of Marrakech. The divorced father-of-three also launched a charity appeal which sees celebrities become traders for a day, raising nearly £140m for good causes over 25 years.
Spencer – who is in a relationship with Sarah Mountbatten, ex-wife of the Marquess of Milford Haven – was Tory treasurer from 2006 until 2010, when he resigned after criticism for selling £45m of shares weeks before the business issued a profit warning.
A Tory donor, he was reportedly in line for a peerage last year but this was blocked following Icap’s £55m fine for its involvement in the Libor interest rate scandal. Spencer was not implicated in the affair.
He sold Icap’s voice broking business to rival Tullett Prebon in 2016 and has since sold his share of that business for £200m.
Icap’s electronic trading business was split into Nex, where Spencer is still boss.