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Bernstein Liebhard LLP Announces Investigation Of Acquisition By Intercontinentalexchange Inc

Thursday, 20 Dec 2012 10:15am EST 

Bernstein Liebhard LLP announced that it is investigating whether the Board of Directors of NYSE Euronext or the "Company" breached its fiduciary duty to its shareholders in agreeing to sell NYSE Euronext to IntercontinentalExchange. Under the terms of the agreement, NYSE Euronext shareholders will have the option to elect to receive consideration per NYSE Euronext share of $33.12 in cash, 0.2581 IntercontinentalExchange common shares or a mix of $11.27 in cash plus 0.1703 ICE common shares, subject to a maximum cash consideration of approximately $2.7 billion and a maximum aggregate number of ICE common shares of approximately 42.5 million. The investigation is focused on the potential unfairness of the price to NYSE Euronext shareholders and the process by which the NYSE Euronext Board of Directors considered and approved the transaction. 

Company Quote

-0.37 -0.17%
12:19pm EST