Yesterday, the Chicago Board Options Exchange ('CBOE') announced that it has reached a settlement with the plaintiffs in a class action suit launched by the former members of the Chicago Board of Trade. This suit had been the major impediment to the CBOE management's plan to demutualize and launch an Initial Public Offering ('IPO'). The settlement is subject to court approval and a CBOE member vote. Details are available here.
Urbana Corporation ('Urbana') owns 20 CBOE seats. As of the close of trading on Friday May 30th, the value of these seats was US$56 million.
'We are very pleased with the agreement that the CBOE's management has negotiated,' said Thomas S. Caldwell, Chairman of Urbana. 'We believe that the intended IPO will be very positive for the CBOE and for Urbana's considerable investment in that exchange.'
Urbana is an investment corporation that is listed on the Toronto Stock Exchange. Urbana's current focus is buying memberships and shares in private and public securities exchanges in North America and around the world.