Singapore Exchange Ltd (SGX) said it planned to offer £77.6 million to buy London’s Baltic Exchange and was seeking support from Baltic’s shareholders for the deal.

In a statement yesterday, SGX said it sought to acquire from Baltic shareholders their issued ordinary share capital for £160.41 in cash per share, representing a total consideration of £77.6 million.

“SGX again states that there is no assurance that the exclusivity agreement signed on May 25, 2016, will lead to any definitive agreement(s) or completion of the potential transaction,” SGX said in the statement.

The announcement came after Reuters on Tuesday cited sources as saying SGX was preparing a formal offer for the Baltic following months of discussions that culminated in exclusive talks between both parties. Sources had told Reuters the deal was priced at $100 million.

The Baltic Exchange said separately yesterday it would consult with major shareholders to seek their support for SGX’s offer.

“Subject to receiving sufficient support, and to it receiving the endorsement of the Baltic Exchange board, it is expected that a scheme of arrangement will then be circulated to shareholders and a general meeting will be announced, for shareholders to vote on an offer from SGX,” the Baltic said in a statement. A Baltic spokesman said the meeting was unlikely to take place before September.

Founded in 1744, the privately-owned Baltic Exchange is no longer a forum for chartering vessels but owns benchmark indexes for global shipping rates and provides a trading platform for the multi-billion dollar freight derivatives market.