New York Mercantile Exchange (Nymex) shareholders have shown "overwhelming" support in their vote to approve General Atlantic (GA)'s investment of $160m for a 10% equity stake in the exchange, despite a last minute rival bid from Intercontinental Exchange (ICE).
Under the terms of the transaction, which values Nymex's equity at $1.6bn, GA purchased an equity stake in Nymex, not allied to any trading rights on the exchange.
The GA bid met with approval despite the fact that many in the market expressed enthusiasm for an ICE deal as a possible indication of a non-hostile takeover overture which could present an answer to management and technology issues in the energy market (see FO Week...