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 Parthenon Group.
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...