Stockholders of securities market operator International Securities Exchange (ISE) have approved the sale of the company to Eurex, a derivatives exchange operated jointly by Deutsche Börse and SWX Swiss Exchange.
At a special meeting held on July 27, 99.7% of ISE’s stockholders voted in favour of the merger agreement.
More than 67 percent of eligible shares were voted. Under the terms of the merger agreement announced on 30 April 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.
“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,” says David Krell, ISE president and chief executive. “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, chief executive of Eurex and a member of the executive board of Deutsche Börse, adds that the merger will create trading efficiencies and grant members of both exchanges access to a global product suite. “After the transaction closes, we plan to integrate the two businesses as promptly as possible to deliver additional value to our shareholders and customers,” he says.
Before the merger can go ahead, it needs to be approved by the US Securities and Exchange Commission. Eurex and ISE expect to close the transaction in the fourth quarter of this year.