CBOE begins to consolidate shareholding with tender offers
CBOE bought 5.98m shares of its class A1 common stock and an equal number of its class A2 stock, each at a price of $22.50 a share.
The A1 and A2 shares cannot be traded. There is a total of 44,323,803 shares in each of the restricted classes, making 88.6m altogether.
These shares greatly outnumber the 13.5m unrestricted shares issued in the exchange’s June IPO, which are publicly listed and traded on Nasdaq.
In a covering letter, CBOE chairman Bill Brodsky told the A-1 and 2 shareholders: “The offers are intended to provide holders of shares of the Class A1 and Class A2 common stock access to liquidity during a time when transfer of these shares is otherwise restricted.”
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