ICAP and a number of major banks have tabled a USD1.1 billion offer for European clearing house LCH.Clearnet, according to the Financial Times.
The offer comes after DTCC scrapped plans to merge with LCH.Clearnet, due to differences over the cost of the deal.
According to sources close to the deal, LCH.Clearnet regards the offer as underwhelming.
The ICAP consortium, that is also led by Deutsche Bank, had been aiming to make the offer by 29th May.