Chicago Board of Trade (CBoT) is marching double-time to finish its demutualisation by year-end, having finally seen the conclusion of its four-year long minority shareholder suit on 20 September.
The court granted final approval to the settlement agreed between CBoT full members and minority members, thus paving the way for the exchange to become a shareholder-owned for-profit company.
Exchange officials said the plan is to finish the demutualisation process by the end of this year, pending Securities and Exchange Commission (SEC) approval. While that timeline seems aggressive to some, exchange officials have quietly been completing the paperwork and proper filings with SEC in anticipation of the final court ruling.
The deal approved by the court calls for CBoT to allocate 78% of the equity ownership to full members...