CME Group’s bid for New York Mercantile Exchange (Nymex) has hit another snag after a Nymex shareholder criticised its management and filed suit to block the deal.
Cataldo Capozza, an original Nymex member and shareholder, filed a class action suit in the Delaware Court of Chancery challenging the proposed deal on the grounds that it is unfair and not in the best interests of Nymex shareholders. The suit means that even if shareholders and Nymex management agree to a deal, it will still have to be approved by the court.
The original offer for Nymex was valued at $119 per Nymex share, or more than $11bn. That offer, whereby CME would pay $36 per Nymex share plus 0.1323 shares of CME stock,...