Key Developments: IntercontinentalExchange Inc (ICE)
177.23USD
20 May 2013
$-0.18 (-0.10%)
$177.41
$176.55
$178.82
$176.53
159,606
659,517
$178.82
$117.82
Latest Key Developments (Source: Significant Developments)
European Commission To Review Proposed Merger Of Intercontinentalexchange Inc And NYSE Euronext-DJ
Dow Jones reported that The European Commission will review IntercontinentalExchange Inc.'s bid to buy NYSE Euronext (NYX), enabling the exchange operators to avoid a potentially longer examination by national antitrust regulators. The exchanges next will hold talks with the European Union's Directorate General for Competition before filing formal merger papers with the agency, typically done within six to 12 weeks of the European Commission taking up a deal for review. Once the formal application is filed, the European Commission has up to 35 working days to determine whether to give a deal its blessing or open a longer, more in-depth examination. Full Article
Hart-Scott-Rodino Act Waiting Period Expires for Intercontinentalexchange Inc Acquisition of NYSE Euronext
Intercontinentalexchange Inc announced the expiration of the waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act in connection with the proposed combination of the two companies. The waiting period expired February 15, 2012. Expiration of the HSR waiting period satisfies one of the regulatory requirements for completion of the merger. The transaction remains subject to additional regulatory requirements, as described in the Registration Statement on Form S-4 filed with the U.S. Securities and Exchange Commission, including competition approvals in Europe. ICE announced the proposed acquisition of NYSE Euronext on December 20, 2012 following unanimous approval by the companies' respective boards of directors. Full Article
Bernstein Liebhard LLP Announces Investigation Of Acquisition By Intercontinentalexchange Inc
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. Full Article
Intercontinentalexchange Inc's ICE Clear Europe Limited And LIFFE Administration and Management Enters Into Clearing Services Agreement
Intercontinentalexchange Inc announced that, their wholly owned subsidiaries, ICE Clear Europe Limited and LIFFE Administration and Management have entered into a clearing services agreement pursuant to which ICE Clear Europe will provide clearing services to the London market of NYSE Liffe. The clearing services agreement will allow NYSE Liffe to transition seamlessly from their current clearing arrangements. ICE successfully transitioned over 40 clearing members, 26.5 million contracts and over USD16 billion worth of assets during the transition from LCH.Clearnet Ltd. to ICE Clear Europe in 2008. Full Article
Intercontinentalexchange Inc To Acquire NYSE Euronext For $33.12 Per Share In Stock And Cash
Intercontinentalexchange Inc (ICE) and NYSE Euronext (NYX) announced a definitive agreement for ICE to acquire NYSE Euronext in a stock-and-cash transaction. Under the terms of the agreement, which was unanimously approved by the Boards of both companies, the transaction is currently valued at $33.12 per NYSE Euronext share, or a total of approximately $8.2 billion, based on the closing price of ICE's stock on December 19, 2012. NYSE Euronext shareholders will have the option to elect to receive consideration per NYSE Euronext share of, i) $33.12 in cash; ii) 0.2581 IntercontinentalExchange common shares or iii) 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 overall mix of the $8.2 billion of merger consideration being paid by ICE is approximately 67% shares and 33% cash. The transaction is expected to close in the second half 2013. ICE intends to explore an initial public offering (IPO) of Euronext as a Continental European-based entity following the closing of the acquisition if market conditions and European policy makers support the offering. Full Article
Intercontinentalexchange Inc In Talks To Buy NYSE From NYSE Euronext-Reuters
Reuters reported that Intercontinentalexchange Inc is in talks to buy NYSE Euronext, the operator of the New York Stock Exchange, in a multibillion dollar deal. A deal could be announced as early as December 20, 2012. ICE has proposed a deal that would value NYSE at $33 per share, a 3% premium to its closing price on December 19, 2012, and would be funded one-third by cash and the rest in stock, CNBC said. The Wall Street Journal first reported news of talks. At the close of trading on December 19, 2012, NYSE was worth about $5.8 billion, indicating that ICE may be willing to pay roughly $8 billion for the Big Board operator. Representatives for NYSE and ICE declined to comment on the reports. Full Article
Intercontinentalexchange Inc and Gasunie Announce Transaction for Derivatives and Spot Gas Business of APX-ENDEX
Intercontinentalexchange Inc and gas infrastructure company Gasunie announced an agreement to form a new company based on the derivatives and spot gas exchange of APX-ENDEX. ICE has entered into an agreement to acquire a majority stake in the derivatives and spot gas business of APX-ENDEX and Gasunie will retain a shareholding at a similar level to its current APX-ENDEX shareholding. The agreement follows today's announcement that APX-ENDEX will rearrange and demerge its business into two separate entities: a power spot and clearing business and a derivatives and spot natural gas business. The gas business includes derivatives and spot trading around the Title Transfer Facility (TTF) Virtual Trading Point in the Netherlands - one of continental Europe's natural gas trading hubs, as well as the UK On-the-Day Commodity Market (OCM) and the Belgian Zeebrugge Trading Point (ZTP) to launch at the end of September. Under the terms of the agreement, ICE will acquire 79.12% of the derivatives and spot gas business of APX-ENDEX. Gasunie, as an existing shareholder of APX-ENDEX, will retain the remaining 20.88% stake. The transaction consideration for ICE will be funded by cash on hand and the transaction is expected to close by the end of the first quarter of 2013. Full Article
Intercontinentalexchange Inc Announces Acquisition of WhenTech
Intercontinentalexchange Inc announced that it has acquired WhenTech, technology, software and information provider for option market participants. WhenTech's solutions include options valuation, analytics and risk management platforms. WhenTech will operate as a wholly-owned subsidiary of ICE. Terms of the transaction were not disclosed. Full Article
LME To Hear Presentations From Two Final Bidders, IntercontinentalExchange Inc. And Hong Kong Exchanges and Clearing Limited On Thursday-DJ
Dow Jones reported that the Board of the London Metal Exchange is to hear presentations on Thursday from teams including the Chief Executives of the two final bidders left in the race to buy the 135-year-old metals trading exchange. Jeff Sprecher, CEO of IntercontinentalExchange Inc.(ICE), and Charles Li, CEO of Hong Kong Exchanges and Clearing Limited, are both in London to try to convince the board of the merits of their proposals to buy the LME. The Board will then evaluate the presentations, and could make a decision as early as the end of the day, although further meetings could take place before the preferred candidate is chosen. Full Article
NYSE Euronext Out Of Bidding For LME, Leaves IntercontinentalExchange Inc. And Others In Race-Reuters
Reuters reported that NYSE Euronext is out of the race to buy the London Metal Exchange, after its reported GBP800 million (USD1.28 billion) bid was deemed too low. NYSE submitted a binding bid for the 135-year-old LME last week as part of the second round of the takeover process. This leaves Hong Kong Exchanges and Clearing Limited, CME Group Inc. and IntercontinentalExchange Inc. vying for metals marketplace. Its bid was around GBP800 million, the Financial Times reported. Full Article
DTCC sues regulator CFTC in swaps data spat
WASHINGTON - Depository Trust & Clearing Corp (DTCC) sued the top derivatives regulator over the way it has allowed two DTCC rivals to gather potentially lucrative swap trading data.
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