CME Group, Nymex shares rise on DOJ approval

CME Group shares rose $27.67, or 6.6 percent, to $447.08. Nymex shares rose $3.55, or 4 percent, to $93.13.

The Justice Department approved the combination of the two--which combines the nation's two largest futures exchanges--without any conditions.

CME Group operates the Chicago Mercantile Exchange and the Chicago Board of Trade.

The regulatory approval brings the deal one step closer to completion but was not the largest hurdle remaining, BMO Capital Markets analyst Michael Vinciquerra wrote in a research note.

Vinciquerra said approval by Nymex shareholders and members could be a potential stumbling block. Because CME Group's offer contained a large stock portion, as its share price has declined in recent months, the value of the deal has dwindled.

The lower share price might lead CME Group to raise its offer, or Nymex shareholders and members might opt to vote down the proposed acquisition and remain independent, Vinciquerra said.

Nymex shareholders will receive 0.1323 Class A shares of CME Group and $36 in cash for each share of Nymex they own. Based on Monday's closing price for CME Group, Nymex shareholders will receive about $91.49 in cash and stock.

When the deal was initial announced in March, Nymex shareholders were in line to receive $100.30 per share, based on CME Group's share price at the time.

If approved, the deal is expected to close during the fourth quarter.