Intntl Sec Exchange (NYSE:ISE)
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International Securities Exchange Holdings, Inc. (NYSE: ISE) announced
that stockholders at a special meeting held today voted to approve the
merger agreement in which Eurex will acquire ISE. 99.7 percent of the
stockholders who voted were in favor of the agreement. More than 67
percent of eligible shares were voted. Under the terms of the merger
agreement announced on April 30, 2007, ISE stockholders will receive
$67.50 in cash for each ISE share held. The results of the stockholder
vote were certified by Broadridge Financial Solutions, Inc.
“Our affirmative stockholder vote is a
significant milestone as ISE and Eurex move forward to combine our two
businesses to create the leading transatlantic derivatives marketplace,”
said David Krell, ISE President and CEO. “We
are very pleased that our stockholders support this combination, which
is an important strategic step to grow ISE’s
business in the years ahead. Currently, we are continuing with the
necessary steps to complete this transaction as promptly as possible so
that we can move forward to the integration phase.”
Andreas Preuss, CEO of Eurex and a member of the executive board of
Deutsche Börse said, “The
result of today’s extraordinary general
meeting marks an important step towards the anticipated creation of a
market leader in individual equity, equity index and long-term interest
rate derivatives worldwide. We are confident that this partnership will
significantly enhance our global position in the derivatives markets. It
will enable ISE and Eurex to offer trading efficiencies and access to a
global product suite to our respective exchange members. After the
transaction closes, we plan to integrate the two businesses as promptly
as possible to deliver additional value to our shareholders and
customers.”
The transaction will create the leading transatlantic derivatives
marketplace with significant USD and Euro product coverage and with
significant operations and revenues in both the U.S. and Europe. Overall
trading volume for the combined entity was 2.1 billion contracts in
2006. Eurex’s and ISE’s
complementary member bases and product portfolios provide substantial
growth opportunities across asset classes and national boundaries.
The affirmative stockholder vote satisfies a condition to the closing of
the acquisition. The transaction also requires SEC approval. As
previously announced, ISE and Eurex expect the transaction to close in
the fourth quarter of 2007.
ISE Background
International Securities Exchange Holdings, Inc. (NYSE: ISE), through
its subsidiaries, operates a family of innovative securities markets.
ISE is founded on the principle that technology and competition create
better, more efficient markets for investors and consists of an options
exchange, a stock exchange and an alternative markets platform. ISE
continually enhances its trading systems and develops new products to
provide investors with the best marketplace and investment tools to
trade smarter.
ISE developed a unique market structure for advanced screen-based
trading systems and in May 2000 launched the first fully electronic US
options exchange. Currently, ISE operates the world’s
largest equity options exchange. ISE offers index options, including a
portfolio of proprietary index products, and enhanced market data
products for sophisticated investors. ISE FX OptionsSM
launched in the second quarter of 2007.
ISE Stock Exchange, launched in September 2006, is a completely
electronic marketplace and the only dual structure platform that
integrates a dark pool, MidPoint MatchSM, with
a fully displayed stock market. Midpoint Match is a proprietary,
non-displayed market that trades equity securities at the midpoint
between the National Best Bid and Offer (NBBO).
ISE’s alternative markets business currently
consists of an events market trading platform known as Longitude.
Longitude’s patented and proprietary
technology provides a unique parimutuel structure for derivatives
auctions which results in greater trading and pricing flexibility for
market participants.
For more information about ISE, visit www.ise.com.
Certain matters discussed in this press release are “forward
looking statements” intended to qualify for
the safe harbor from liability established by the Private Securities
Litigation Reform Act of 1995. These statements relate to future events
or our future financial performance, and involve known and unknown
risks, uncertainties and other factors that may cause our actual
results, levels of activity, performance or achievements, to be
materially different from those contemplated by the forward looking
statements. We undertake no ongoing obligation, other than that imposed
by law, to update these statements. Factors that could affect our
results, levels of activity, performance or achievements and cause them
to materially differ from those contained in the forward looking
statements can be found in our filings with the Securities and Exchange
Commission, including our annual report on Form 10-K, current reports on
Form 8-K and quarterly reports on Form 10-Q.