Analysts expect shareholders of CME Group Inc. and Nymex Holdings Inc., parent of the New York Mercantile Exchange, to approve the planned acquisition today.
I expect CME to obtain the required 75% quorum from the Nymex members and the majority of the CME and Nymex shareholders votes, said analyst Diego Perfumo at consultant Equity Research Desk.
Results are expected sometime after the 4 p.m. EDT market close. The actual acquisition would close Friday. Nymex is the worlds largest energy futures market and Chicago-based CME is the worlds largest financial derivatives exchange.
CMEs stock-and-cash offer is currently valued at $7.65 billion, a minute premium over Nymexs $7.59 billion market value and $3.6 billion less than when the offer was first announced Jan. 28. Both stocks have sold off in recent months the CME is down 50% while Nymex shares have fallen 41% year to date.
Approval by a simple majority of shareholders of both exchanges plus three-quarters of the 816 Nymex members is needed to close the deal. To sway theNymex members, CME has upped its offer to $750,000 per member, from $612,000 originally. CME will also pay a special $350 million dividend to all shareholders after the deal closes.