Wednesday, September 13, 2006
The NY Post reports that the New York Board of Trade is close to merging with the InterContinental Exchange (ICE) in a deal that could value the downtown commodities mkt at roughly $1bn. The deal would give Nybot's 967 seat-owners roughly $618K in cash and $412K worth of ICE's stock. One Nybot member who owns several seats on the exchange said the $1bn figure would probably not be enough to assuage seatholders. But with the commodities mkts in a downward spiral, Nybot has to act fast to secure a deal before buyers start getting cold feet, said several investment bankers. "They are selling right at the peak of the mkt, but that may not last for long," said one banker not involved in the deal.