BATS Plans $100 Million Special Dividend For Owners Following IPO
24 Febbraio 2012 - 12:20AM
Dow Jones News
BATS Global Markets will pay a $100 million cash dividend to its
stakeholders upon completing its initial public offering, according
to a regulatory filing.
BATS' board of directors on Wednesday approved the planned
payout, which will allow the trading firms and banks that have
backed the seven-year-old company to cash in on their
investment.
The cash dividend was detailed in a filing submitted to the
Securities and Exchange Commission Thursday by BATS in advance of a
public float anticipated in late March or early April, according to
people familiar with the matter.
The electronic-exchange company filed to go public last May via
a share sale that would raise $100 million for the market operator
based in Lenexa, Kan., a suburb of Kansas City. BATS is the
third-largest U.S. stock market operator behind NYSE Euronext (NYX)
and Nasdaq OMX Group Inc. (NDAQ) and out of London runs the largest
pan-European stock market following its acquisition last year of
rival platform Chi-X Europe.
BATS was formed in June 2005 by Tradebot Systems, a
high-frequency trading firm based in Kansas City. A raft of other
firms signed on as investors afterward, including Getco LLC,
Wedbush, Bank of America Merrill Lynch (BAC), Citigroup Inc. (C),
Credit Suisse (CS), Deutsche Bank (DB), JP Morgan Chase & Co.
(JPM), Lehman Brothers and Morgan Stanley (MS).
The cash dividend will be paid to BATS stakeholders at the close
of business on the day preceding the closing of BATS' public
offering, according to the documents filed Thursday. Purchasers in
the offering won't be entitled to the dividend, which depends on
the completion of the IPO.
-By Jacob Bunge, Dow Jones Newswires; 312 750 4117; jacob.bunge@dowjones.com
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