Nymex says yes

摘要

In the end, Nymex members and shareholders approved their acquisition by the CME Group, with 78% voting in favor of the merger, exceeding the 75% minimum required. The deal closed on Friday, Aug. 22. The deal consolidates more than 98% of the U.S. futures market at CME. Initially Nymex members balked at the amount of the bid, which valued Nymex at $120 per share, below a then recent high of $130. The exclusivity of the bid and the lack of a collar on the value of the stock swap were the next issues raised as CME stock declined to $325 in mid-July, when the agreement was revised, from $449 in mid-March, when the definitive agreement was entered. Lawsuits were filed when enormous Nymex executive and board member payouts were revealed. But CME executives worked with critics and influential members in the days leading up to the vote, bending ears and arms to get the thing done.