LONDON (TheDeal) -- European markets are in retreat this morning, with Britain facing a tantalizingly inconclusive general election while pessimism continues to surround the outcome of talks on the Greek bailout next week. It's much the same picture in Asia, as global markets seem to have taken to heart the old saying: "Sell in May and go away."
The FTSE 100 was down 1.4% to 6,836.84, while in Paris, the CAC 40 was down 1.87% to 4888.22. In Frankfurt, the DAX was down 1.31% to 11,201.49.
TeleCity (TLEIY), a mid-cap data center provider that hosts servers for the likes of Facebook (FB) and Google (GOOG) (GOOGL), swung this morning between a high of 1,116 pence, up 24% on last night's close, and a low of 1,061 pence. The FTSE 250 company said it received a cash-and-paper proposal from Redwood, Calif.-based data center operator Equinix (EQIX). The approach, at 1,145 pence per share, values TeleCity at around £2.3 billion ($3.5 billion), with about 54% in cash and 46% in Equinix shares.
Equinix said it believes a deal with TeleCity would offer better value for the target's shareholders than TeleCity's existing plans for an all-share deal for Dutch rival Interxion Holding (INXN), to create a company worth more than £3 billion. TeleCity would own 55% of the combination with Interxion, which is traded in New York. TeleCity is currently trading at 1,069 pence, up 18.84% from last night's close.