WILMINGTON, DEL. (CN) - CME Group's proposed acquisition of the New York Mercantile Exchange, for $93 a share, is grossly inadequate, NYMEX Holdings shareholders say in a class action in Chancery Court. The March 17 agreement caps the price of all 816 trading seats on the NYMEX at $500 million, or $612,750 per seat, which plaintiffs say is far below their true value.
Named plaintiff Shelby Greene owns one Class A Membership in the NYMEX, the world's largest exchange place for precious metals. Commodities also are traded there.
The class wants the merger rescinded and enjoined. It is represented by Chimicles & Tikellis.
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