NYMEX Responds To IPE Backing Of Plan B

The New York Mercantile Exchange (NYMEX) today issued the following statement regarding the International Petroleum Exchange (IPE) announcement today regarding its membership vote on demutualization: "We have learned today through press reports that the board of directors of the IPE has voted to hold an extraordinary general membership meeting at which the members will consider, among other things, a proposal by NYMEX to purchase a majority share of IPE equity. "Since offering last week to purchase between 55 and 70% of the IPE equity under the same valuation as the outside investor proposal, NYMEX has received acknowledgment of the receipt of its proposal and no further communication from the IPE board or its chief executive. "NYMEX made the IPE an offer that was identical financially to the outside investor proposal and, in our opinion, was far superior from a qualitative and strategic perspective. We look forward to being given the opportunity to communicate with the IPE membership to further develop this concept. We are confident that, as traders, the IPE members will recognize the deal which provides the greatest value."