CME bid for Nymex hangs in balance, despite Glass’s OK
08 Aug 2008
The CME Group’s bid to buy the New York Mercantile Exchange has secured the support of Gary Glass, a former leading opponent to the deal. However, the prospects for the take-over have been dealt another blow by the emergence of two late challenges by separate dissident members.
The merger is to be decided by CME and Nymex stakeholders in a vote on August 18.
“We recommend that shareholders of each company vote for this proposal,” said Glass in a report to Nymex shareholders. He said consolidation among exchange operators was one way for earnings to grow.
The support of Glass, who had previously publicly opposed the take over had seemed sufficient for the deal to be approved. Glass’s approval came...
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