New York Mercantile Exchange (Nymex) executives are mapping
out their business strategy after rejecting a bid to buy a
majority stake in the company from venture capital firm
The formal rejection by the Nymex board came last week when
it voted down a proposal by Boston-based Parthenon that bid $2m
per seat for approximately 60% of the exchange's 816 seats,
valuing the deal was valued at around $980m. A second proposal,
for a 10% stake for $50m, was also declined by the Nymex board.
Nymex officials said the deal fell through largely because of
poor timing, with a new president arriving just weeks ago.
Former Commodity Futures Trading Commission chairman Jim
Newsome took over as Nymex president in July and Mitchell
Steinhause was elected chairman in March.
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