Chicago Mercantile Exchange (CME) was last week reported to
be interested in making a competing bid for a 10% stake in New
York Mercantile Exchange (Nymex), despite the prior agreement
between Nymex and private equity firm General Atlantic (GA)
(see FO Week Vol 10 No 46).
Market speculation suggested that the potential bid could be
as high as $200m, topping the $135m investment agreed with GA.
Discussions were said to be only in preliminary internal stages
with a formal bid expected within a few days.
Despite the size of the bid, sources told FO Week
that Nymex could well be unwilling to unwind the amount of work
that had gone into finalising the GA bid, although member
dissatisfaction at the previous valuation could have an
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