A pension fund that holds shares of NYSE Euronext has sued the exchange operator over its proposed $8.2 billion sale to IntercontinentalExchange Inc, saying the deal undervalues the company's stock.The New Jersey Carpenters Pension Fund late on Friday filed a complaint in New York State Supreme Court in Manhattan contending that NYSE Euronext breached its duty to maximize returns for shareholders. The lawsuit seeks class action status on behalf of other NYSE Euronext shareholders and aims to block the sale.It is the second such lawsuit filed against the exchange operator since the deal was announced on Thursday. An individual shareholder, Samuel Cohen, filed a proposed class action in Delaware Chancery Court on Friday that also seeks to prevent the takeover from going forward.Under the deal, NYSE Euronext, which operates the New York Stock Exchange, will sell itself to Atlanta-based ICE. The stock-and-cash deal is expected to close in the second half of 2013.
IntercontinentalExchange, Inc. (ICE) is an operator of global futures exchanges, over-the-counter (OTC), markets, derivatives clearing houses and post-trade services. Shares of ICE fell by 0.96% or $-1.21/share to $125.04. In the past year, the shares have traded as low as $110.67 and as high as $142.75. On average, 747894 shares of ICE exchange hands on a given day and today's volume is recorded at 752883.
NYSE Euronext is a global operator of financial markets and provider of trading solutions. Shares of NYX fell by 1.12% or $-0.36/share to $31.89. In the past year, the shares have traded as low as $22.25 and as high as $33.38. On average, 4313740 shares of NYX exchange hands on a given day and today's volume is recorded at 2536527.
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