IPE Tender Offer Oversubscribed

The IPE Board of Directors met this morning to review the results of its tender offer to private investors. Five bids were received for a total of 80% of the Exchange, although the IPE Board had already indicated that it will only recommend to its Members the sale of a maximum 70% stake. The bids value the Exchange at £35.7 million. Bids were received from BG Plc, Distrigas, Enron, Nord Pool and OM Gruppen. The IPE's Board has agreed to enter into further talks with the bidders in order to clarify a number of issues which arose during the tender process, including the allocation of shares, representation on the Board and the timing of any public flotation. The Board also agreed to poll its Members to ascertain the level of interest in the proposal. The sale of a stake in the IPE would also require a formal vote of approval in an Extraordinary General Meeting. Lord Fraser, Chairman of the IPE Board of Directors said "this offers a very attractive future for the IPE. It is my confident belief that in due course the Board will recommend approval of the sale to Exchange Members".