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 (ICE).
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...