CBOE Holdings, owner of the Chicago Board Options Exchange, expects to finish its acquisition of Bats Global Markets on February 28, 2017.
The $3.2 billion takeover received its final regulatory approval from the UK’s Financial Conduct Authority, which implies that all US and European regulatory clearances and approvals relating to the transaction have been received.
Board of directors
CBOE Holdings unveiled it appointed three Bats Global directors to its own board. They are Joe Ratterman, chairman of Bats, Chris Mitchell, managing director of Spectrum Equity, and Michael Richter, co-founder of Lime Brokerage LLC.
As a result of such appointments, the CBOE Holdings board will consist of 14 directors following the finalization of the proposed transaction.
Deadline for BATS stockholders
The deadline for Bats stockholders to elect the form of merger consideration they want to receive in the transaction has been set for 5:00 p.m., New York City Time, on February 24, 2017 (the “Election Deadline”).
To perform an election, all Bats stockholders who have not previously made their cash, stock or mixed consideration elections must submit their election forms, along with a properly completed Notice of Guaranteed Delivery or confirmation of book-entry transfer, with respect to their shares so that such documents are received by Computershare Trust Company, N.A., the exchange agent, at its designated office, by the Election Deadline.
Bats stockholders holding shares via brokerage account or the other nominee arrangement could have an earlier election deadline than the Election Deadline, therefore they will need to follow any procedures required by the broker or nominee.
Bats stockholders whose election forms are not received in proper form by the exchange agent by the Election Deadline will be deemed to have made a mixed election, providing them to receive, for each share of Bats common stock held by such stockholders:
1. 0.3201 of a share of common stock, par value of $0.01 per share, of CBOE Holdings and
2. $10.00 in cash (the “Mixed Consideration”).