UPDATE 1-CBOE files for $300 million IPO
By Ann Saphir
BOCA RATON, Fla., March 11 (Reuters) – CBOE Holdings Inc, which operates the biggest U.S. options exchange, is planning to raise as much as $300 million in an initial public offering.
The Chicago Board Options Exchange will first convert from its decades-old member-owned structure to a share-based company, it said in a filing with the U.S. Securities and Exchange Commission on Thursday. The restructuring requires member approval, it said.
The CBOE, the last independent major U.S. financial exchange, has for years been trying to shift to a publicly traded company to better compete with its closest rivals.
‘It was a long time coming,’ said CEO William Brodsky after the filing.
(Reporting by Ann Saphir; Editing by Lisa Von Ahn) Keywords: EXCHANGE/CBOE
(ann.saphir@thomsonreuters.com, + 312 408-8592)
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