And so it begins…
After Thursday’s announcement by the Interncontinental Exchange (NYSE:NYX) to acquire ?the NYSE Euronext (NYSE:NYX) for $8.2 billion, one shareholder thinks the bid is too low and is willing to fight it.
In a lawsuit filed in Delaware Chancery Court (Wilmington) by investor?Samuel T. Cohen on Thursday, he has alleged that?NYSE Euronext directors did not follow their duty and maximize the company?s stock value, reported Bloomberg. He?has asked the court to block the proposed transaction with its current terms.
Cohen wrote in the suit, the offer is being done ?for inadequate consideration and through a flawed process.?
The case is named, “Cohen v. NYSE Euronext, CA8136, Delaware Chancery Court (Wilmington).”
This comes as the IntercontinentalExchange announced it would pay $33.12 for each NYSE Euronext share. Shareholders have a choice of cash, stock or a combination.?
NYSE Euronext has not commented on the lawsuit.
ICE is currently down 2.46%, trading at $126.91 and?NYSE Euronext is down 0.65%, trading at $32.04. This came after a 34% increase on Thursday.