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The activists have arrived. Lots of optionality!
Activist investor Elliot has shown up at the London Stock Exchange. What are they gonna push $LNSTY ( ▲ 0.3% ) to do?
There are endless assets to sell. There are endless assets that are under monetized. Lots of distractions, and I imagine management will be put under a microscope given their inability to move the stock price.
The big question is, do you keep the core data assets, or do you sell them and focus fully on just being an exchange?
They own part of $TW ( ▼ 1.23% ) - that’s a no-brainer to sell.
They own FTSE indices. This is a crown jewel. But I’d imagine $MSCI ( ▼ 1.05% ) $SPGI ( ▼ 3.04% ) & even $FDS ( ▼ 2.46% ) would love to bid for it. Even $MORN ( ▼ 1.62% ) could jump in the mix.
They own FX All, Worldscope, I/B/E/S and have a big exchange price and volume data business.
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Don’t get me started on what to do with their terminal business. I’m sure there is value, but not clear anyone would buy it. Maybe you force a data buyer to take it. Maybe you spinoff into a public company with other assets. I’m sure there are tons of tax implications to take into account. I also imagine the UK would like to see Elliot be more of a constructivist then activist. Either way, I am excited to see the value unlocked. Endless opportunity, and I could write a dozen more posts about this. And I probably will as this plays out. I imagine GLG, Tegus, Guidepoint, and all the expert networks will be booking endless calls in the coming weeks to get expert opinions on what to keep, sell, spin off, or shut down.
It’s fun seeing the ex-LSEG employees voice their opinions and frustrations all over the internet. Their “it’s about time” mantra can be heard loud and clear.
