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NEW YORK - The operators of the Chicago and New York mercantile exchanges are combining, but shares of CME Group and Nymex Holdings are down with the broader market.
CME Group Inc. agreed to buy Nymex Holdings Inc. for about $9.5 billion in cash and stock Monday. The deal is worth just over $100 per Nymex share, and will combine the operators of the Chicago and New York futures exchanges.
CME also operates the Chicago Board of Trade.
Nymex shareholders will get a 5 percent premium to Friday's closing price. But the market opened sharply lower after JPMorgan Chase & Co. agreed to buy Bear Stearns Cos. for a fraction of Bear's stated value.
Shares of CME fell $23.05, or 4.7 percent, to $463 in morning trading. Nymex stock dipped $4.21, or 4.4 percent, to $91.13. Markets plunged in early trading as nervous investors retreat following JPMorgan Chase & Co.'s buyout of faltering investment bank Bear Stearns Cos.
Banc of America analyst Christopher Allen said the move could be a "great deal" for CME Group. He thinks CME can make Nymex more efficient and increase revenue. The price is fair, he added, given speculation that CME was going to have to make a higher offer.
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