LONDON (Reuters) – The chairman of Aquis Exchange plc is leaving the company less than two weeks after the group unveiled a recommended cash offer from rival exchange operator SIX Group, Aquis said on Tuesday.

Glenn Collinson, who has served as chair of the European challenger exchange for three years, remains fully supportive of the SIX offer and continues to believe that its terms are “fair and reasonable”, Aquis said in a statement.

Deirdre Somers, the former CEO of the Irish Stock Exchange and an independent non-executive director at Aquis, has been appointed to succeed Collinson.

Collinson has indicated that he wishes to pursue other interests in the technology sector, Aquis said.

Somers worked at the Irish Stock Exchange during its 2018 sale to Euronext.

Swiss stock exchange operator SIX tabled a cash offer that values the Aquis business at 207 million pounds on Nov. 11.

The deal comes at a time of intense competition in the European exchange market, with increasing pressures on firms to invest in technology and distribution.

(Reporting By Sinead Cruise; Editing by Amanda Cooper)