Members "not informed" of last minute rival bid
New York Mercantile Exchange (Nymex) shareholders were set
to vote on the sale of 10% of the exchange to private equity
firm General Atlantic (GA) on 6 March despite the emergence of
a last minute rival bid from Intercontinental Exchange
Sources close to the exchange told FO Week last
week that the GA proposal, which would grant 10% of Nymex to GA
for $170m if certain criteria were reached, was expected to
pass. But many members were unaware of a late overture from ICE
that bid much higher for a piece of the exchange.
After Nymex entertained a late bid by Chicago Mercantile
Exchange in January (see FO Week Vol 10 No 50) that
was ultimately dropped, GA and Nymex revised their agreement
with the private equity firm offering $35m more for the
exchange stake and barring any late offers from other
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.