#exchange operator

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Warren Buffett made late-2012 bid for NYSE Euronext: sources

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(Reuters) – Warren Buffett made a bid to acquire New York Stock Exchange operator NYSE Euronext last November, but his offer was less than one already on the table from IntercontinentalExchange Inc , two people familiar with the matter said.

The sources, speaking on condition of anonymity because they were not authorized to discuss the matter publicly, said Buffett’s conglomerate Berkshire Hathaway was the “Company A” bidder disclosed in a regulatory filing by ICE on Monday.

Buffett’s assistant could not immediately comment on the report. NYSE Euronext declined to comment. The news was first reported by CNBC’s David Faber.

ICE agreed to buy NYSE Euronext late last month for $8.2 billion following about two months of talks.

Before the deal closed, NYSE’s board of directors instructed the company’s bankers to pursue alternatives, according to the ICE filing with the U.S. Securities and Exchange Commission.

Bankers from Perella Weinberg approached “Company A” on November 25, the filing said. On November 28, “Company A” presented an offer that was less than the ICE bid and was conditioned on the sale of NYSE Euronext’s European derivatives business for a minimum price.

At a NYSE board meeting December 12 and 13, Perella Weinberg indicated that it was still working with “Company A” but that the bidder had not improved the offer. There was no further mention of the unnamed bidder in the filing.

Had Berkshire done the deal, it would have been somewhat small by Buffett’s standards. He spent much of 2012 trying to do deals in the $20 billion range, and even said at one point that he might have to look at doing a $30 billion deal this year.

(Reporting by John McCrank in New York; Writing by Ben Berkowitz; Editing by John Wallace)

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Warren Buffett made late-2012 bid for NYSE Euronext - sources

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(Reuters) – Warren Buffett made a bid to acquire New York Stock Exchange operator NYSE Euronext last November, but his offer was less than one already on the table from IntercontinentalExchange Inc , two people familiar with the matter said.

The sources, speaking on condition of anonymity because they were not authorized to discuss the matter publicly, said Buffett’s conglomerate Berkshire Hathaway was the “Company A” bidder disclosed in a regulatory filing by ICE on Monday.

Buffett’s assistant could not immediately comment on the report. NYSE Euronext declined to comment. The news was first reported by CNBC’s David Faber.

ICE agreed to buy NYSE Euronext late last month for $8.2 billion following about two months of talks.

Before the deal closed, NYSE’s board of directors instructed the company’s bankers to pursue alternatives, according to the ICE filing with the U.S. Securities and Exchange Commission.

Bankers from Perella Weinberg approached “Company A” on November 25, the filing said. On November 28, “Company A” presented an offer that was less than the ICE bid and was conditioned on the sale of NYSE Euronext’s European derivatives business for a minimum price.

At a NYSE board meeting December 12 and 13, Perella Weinberg indicated that it was still working with “Company A” but that the bidder had not improved the offer. There was no further mention of the unnamed bidder in the filing.

Had Berkshire done the deal, it would have been somewhat small by Buffett’s standards. He spent much of 2012 trying to do deals in the $20 billion range, and even said at one point that he might have to look at doing a $30 billion deal this year.

(Reporting by John McCrank in New York; Writing by Ben Berkowitz; Editing by John Wallace)

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New Jersey pension fund sues NYSE Euronext on ICE deal

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NEW YORK (Reuters) – A pension fund that holds shares of NYSE Euronext has sued the exchange operator over its proposed $8.2 billion sale to IntercontinentalExchange Inc , saying the deal undervalues the company’s stock.

The New Jersey Carpenters Pension Fund late on Friday filed a complaint in New York State Supreme Court in Manhattan contending that NYSE Euronext breached its duty to maximize returns for shareholders. The lawsuit seeks class action status on behalf of other NYSE Euronext shareholders and aims to block the sale.

It is the second such lawsuit filed against the exchange operator since the deal was announced on Thursday. An individual shareholder, Samuel Cohen, filed a proposed class action in Delaware Chancery Court on Friday that also seeks to prevent the buyout from going forward.

Under the deal, NYSE Euronext, which operates the New York Stock Exchange, will sell itself to Atlanta-based ICE. The stock-and-cash deal is expected to close in the second half of 2013.

At $33.12 per share, ICE’s offer represents a 28 percent premium to NYSE Euronext’s closing price last Wednesday.

In court papers, the New Jersey pension fund said the deal was based on a “hopelessly flawed process” that would favour NYSE Euronext Chief Executive Duncan Niederauer and several members of its board of directors.

The sale was “designed to ensure the sale of NYSE Euronext to ICE on terms preferential to ICE and designed to benefit NYSE Euronext’s insiders,” the pension fund said.

A spokesman for NYSE Euronext declined to comment. A spokeswoman for ICE, which is also named as a defendant in the lawsuit, did not return a call seeking comment.

The lawsuit also names as defendants Niederauer, NYSE Euronext Chairman Jan-Michiel Hessels, and other executives and board members.

The buyout is expected to help ICE compete in derivatives trading against U.S.-based CME Group, owner of the Chicago Board of Trade. Derivatives trading is highly profitable for the exchanges, and new rules next year will dramatically expand the demand for clearing over-the-counter contracts.

NYSE Euronext’s stock market businesses are less valuable to ICE, and the company said it will try to spin off the Euronext European stock market businesses in a public offering, generating speculation it may also have little interest in the NYSE trading floor.

Profits from stock trading have been significantly eroded by new technology and the rise of other places for investors to trade, including venues known as “dark pools.”

The cases are New Jersey Carpenters Pension Fund et al. v. NYSE Euronext et al., Supreme Court of the State of New York, No. 654496/2012, and Cohen v. NYSE Euronext et al, Delaware Court of Chancery, No. 8136.

(Reporting By Nick Brown; Editing by Martha Graybow, Andrew Hay, Bob Burgdorfer and Steve Orlofsky)

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New Jersey pension fund sues NYSE Euronext on ICE deal

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NEW YORK (Reuters) – A pension fund that holds shares of NYSE Euronext has sued the exchange operator over its proposed $8.2 billion sale to IntercontinentalExchange Inc , saying the deal undervalues the company’s stock.

The New Jersey Carpenters Pension Fund late on Friday filed a complaint in New York State Supreme Court in Manhattan contending that NYSE Euronext breached its duty to maximize returns for shareholders. The lawsuit seeks class action status on behalf of other NYSE Euronext shareholders and aims to block the sale.

It is the second such lawsuit filed against the exchange operator since the deal was announced on Thursday. An individual shareholder, Samuel Cohen, filed a proposed class action in Delaware Chancery Court on Friday that also seeks to prevent the buyout from going forward.

Under the deal, NYSE Euronext, which operates the New York Stock Exchange, will sell itself to Atlanta-based ICE. The stock-and-cash deal is expected to close in the second half of 2013.

At $33.12 per share, ICE’s offer represents a 28 percent premium to NYSE Euronext’s closing price last Wednesday.

In court papers, the New Jersey pension fund said the deal was based on a “hopelessly flawed process” that would favour NYSE Euronext Chief Executive Duncan Niederauer and several members of its board of directors.

The sale was “designed to ensure the sale of NYSE Euronext to ICE on terms preferential to ICE and designed to benefit NYSE Euronext’s insiders,” the pension fund said.

A spokesman for NYSE Euronext declined to comment. A spokeswoman for ICE, which is also named as a defendant in the lawsuit, did not return a call seeking comment.

The lawsuit also names as defendants Niederauer, NYSE Euronext Chairman Jan-Michiel Hessels, and other executives and board members.

The buyout is expected to help ICE compete in derivatives trading against U.S.-based CME Group, owner of the Chicago Board of Trade. Derivatives trading is highly profitable for the exchanges, and new rules next year will dramatically expand the demand for clearing over-the-counter contracts.

NYSE Euronext’s stock market businesses are less valuable to ICE, and the company said it will try to spin off the Euronext European stock market businesses in a public offering, generating speculation it may also have little interest in the NYSE trading floor.

Profits from stock trading have been significantly eroded by new technology and the rise of other places for investors to trade, including venues known as “dark pools.”

The cases are New Jersey Carpenters Pension Fund et al. v. NYSE Euronext et al., Supreme Court of the State of New York, No. 654496/2012, and Cohen v. NYSE Euronext et al, Delaware Court of Chancery, No. 8136.

(Reporting By Nick Brown; Editing by Martha Graybow, Andrew Hay, Bob Burgdorfer and Steve Orlofsky)

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Staying on par with the Market News from around the globe is very important for traders and investors alike. Whether it is political, social or economic changes which could affect your investments in the brief, medium or long term, it’s great to be in the know.

New Post has been published on http://tradingreview360.com/new-jersey-pension-fund-sues-nyse-euronext-on-ice-deal-3/

New Jersey pension fund sues NYSE Euronext on ICE deal

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NEW YORK (Reuters) – A pension fund that holds shares of NYSE Euronext has sued the exchange operator over its proposed $8.2 billion sale to IntercontinentalExchange Inc , saying the deal undervalues the company’s stock.

The New Jersey Carpenters Pension Fund late on Friday filed a complaint in New York State Supreme Court in Manhattan contending that NYSE Euronext breached its duty to maximize returns for shareholders. The lawsuit seeks class action status on behalf of other NYSE Euronext shareholders and aims to block the sale.

It is the second such lawsuit filed against the exchange operator since the deal was announced on Thursday. An individual shareholder, Samuel Cohen, filed a proposed class action in Delaware Chancery Court on Friday that also seeks to prevent the buyout from going forward.

Under the deal, NYSE Euronext, which operates the New York Stock Exchange, will sell itself to Atlanta-based ICE. The stock-and-cash deal is expected to close in the second half of 2013.

At $33.12 per share, ICE’s offer represents a 28 percent premium to NYSE Euronext’s closing price last Wednesday.

In court papers, the New Jersey pension fund said the deal was based on a “hopelessly flawed process” that would favour NYSE Euronext Chief Executive Duncan Niederauer and several members of its board of directors.

The sale was “designed to ensure the sale of NYSE Euronext to ICE on terms preferential to ICE and designed to benefit NYSE Euronext’s insiders,” the pension fund said.

A spokesman for NYSE Euronext declined to comment. A spokeswoman for ICE, which is also named as a defendant in the lawsuit, did not return a call seeking comment.

The lawsuit also names as defendants Niederauer, NYSE Euronext Chairman Jan-Michiel Hessels, and other executives and board members.

The buyout is expected to help ICE compete in derivatives trading against U.S.-based CME Group, owner of the Chicago Board of Trade. Derivatives trading is highly profitable for the exchanges, and new rules next year will dramatically expand the demand for clearing over-the-counter contracts.

NYSE Euronext’s stock market businesses are less valuable to ICE, and the company said it will try to spin off the Euronext European stock market businesses in a public offering, generating speculation it may also have little interest in the NYSE trading floor.

Profits from stock trading have been significantly eroded by new technology and the rise of other places for investors to trade, including venues known as “dark pools.”

The cases are New Jersey Carpenters Pension Fund et al. v. NYSE Euronext et al., Supreme Court of the State of New York, No. 654496/2012, and Cohen v. NYSE Euronext et al, Delaware Court of Chancery, No. 8136.

(Reporting By Nick Brown; Editing by Martha Graybow, Andrew Hay, Bob Burgdorfer and Steve Orlofsky)

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Keeping up with the Market News from around the globe is crucial for investors and traders alike. Whether it is political, economic or social changes which could affect your investments in the brief, average or long term, it’s great to be in the understand.

New Post has been published on http://tradingreview360.com/new-jersey-pension-fund-sues-nyse-euronext-on-ice-deal-2/

New Jersey pension fund sues NYSE Euronext on ICE deal

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NEW YORK (Reuters) – A pension fund that holds shares of NYSE Euronext has sued the exchange operator over its proposed $8.2 billion sale to IntercontinentalExchange Inc , saying the deal undervalues the company’s stock.

The New Jersey Carpenters Pension Fund late on Friday filed a complaint in New York State Supreme Court in Manhattan contending that NYSE Euronext breached its duty to maximize returns for shareholders. The lawsuit seeks class action status on behalf of other NYSE Euronext shareholders and aims to block the sale.

It is the second such lawsuit filed against the exchange operator since the deal was announced on Thursday. An individual shareholder, Samuel Cohen, filed a proposed class action in Delaware Chancery Court on Friday that also seeks to prevent the buyout from going forward.

Under the deal, NYSE Euronext, which operates the New York Stock Exchange, will sell itself to Atlanta-based ICE. The stock-and-cash deal is expected to close in the second half of 2013.

At $33.12 per share, ICE’s offer represents a 28 percent premium to NYSE Euronext’s closing price last Wednesday.

In court papers, the New Jersey pension fund said the deal was based on a “hopelessly flawed process” that would favour NYSE Euronext Chief Executive Duncan Niederauer and several members of its board of directors.

The sale was “designed to ensure the sale of NYSE Euronext to ICE on terms preferential to ICE and designed to benefit NYSE Euronext’s insiders,” the pension fund said.

A spokesman for NYSE Euronext declined to comment. A spokeswoman for ICE, which is also named as a defendant in the lawsuit, did not return a call seeking comment.

The lawsuit also names as defendants Niederauer, NYSE Euronext Chairman Jan-Michiel Hessels, and other executives and board members.

The buyout is expected to help ICE compete in derivatives trading against U.S.-based CME Group, owner of the Chicago Board of Trade. Derivatives trading is highly profitable for the exchanges, and new rules next year will dramatically expand the demand for clearing over-the-counter contracts.

NYSE Euronext’s stock market businesses are less valuable to ICE, and the company said it will try to spin off the Euronext European stock market businesses in a public offering, generating speculation it may also have little interest in the NYSE trading floor.

Profits from stock trading have been significantly eroded by new technology and the rise of other places for investors to trade, including venues known as “dark pools.”

The cases are New Jersey Carpenters Pension Fund et al. v. NYSE Euronext et al., Supreme Court of the State of New York, No. 654496/2012, and Cohen v. NYSE Euronext et al, Delaware Court of Chancery, No. 8136.

(Reporting By Nick Brown; Editing by Martha Graybow, Andrew Hay, Bob Burgdorfer and Steve Orlofsky)

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Keeping up with the Market News from all over the world is very important for investors and traders alike. Whether it is political, social or economic modifications which can affect your investments in the short, medium or long term, it’s great to be in the understand.