Toronto-based Caldwell Investment Management announced late Tuesday that it had purchased a seat on the Chicago Board Options Exchange for $2.5 million, in the first transaction since the largest U.S. options market settled a legal battle over ownership rights.

The $2.5 million price marks a decline from the prior sale, when a seat sold for $2.75 million on Nov. 5, according to the exchange.

The CBOE, which controlled about 32% of U.S. options trade in November, last week settled a four-year legal dispute that has kept the market operator from converting to a shareholder-owned entity.

That process, known as demutualization, would allow the CBOE to finally go public, a route taken years ago by most of its peers in the U.S. exchange sector. There's also the possibility of a larger rival, such as CME Group Inc. (CME) or NYSE Euronext (NYX), approaching the CBOE with a merger offer.

Both paths would allow CBOE members like Caldwell to cash in on their seats, along with the trading rights these carry.

Tuesday's purchase by Caldwell's Urbana Corp. unit brings the Canadian investment firm's holdings in the CBOE to 24 seats, a position valued at $69.5 million. CBOE memberships make up 41% of Urbana's exchange-focused portfolio, according to a statement from Caldwell.

Executives of the investment firm, which is among the biggest holders of CBOE seats, have long been supportive of an initial public offering for the CBOE, or simply listing CBOE shares without an IPO.

The CBOE's board of directors is expected to discuss the exchange operator's future at a board meeting Dec. 10.

Bruce V. Rauner, principal and chairman of Chicago-based private equity firm GTCR Golder Rauner LLC, made the last two CBOE seat purchases on Nov. 5.

-By Jacob Bunge, Dow Jones Newswires; (312) 750 4117; jacob.bunge@dowjones.com
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