Steinhause defends GA stake selection process
New York Mercantile Exchange (Nymex) officials have altered
the terms of the sale of a stake in the exchange to private
equity firm General Atlantic (GA) in an effort to appease angry
shareholders. The exchange was last week also believed to be
seriously considering another, competing, bid from Chicago
Mercantile Exchange (CME) (see FO Week Vol 10 No
GA reportedly dropped a clause in its deal last week that
effectively rejects any other offers for Nymex. Sources said
CME has made an offer to Nymex that is higher than General
Atlantic's $135m bid for a 10% stake. CME and Nymex have not
commented on the overture.
A source close to the deal said that several scenarios could
unravel in the coming week, including a three-way deal between
GA, CME and Nymex or total dropping of the GA bid in favour of
This article is available exclusively to subscribers
Please log in to continue reading.
Not yet a subscriber?
Click here to take a free trial.
Already have an account? |
Please fill in your details below and a customer service representative will contact you.