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| Home Front: Economy |
| Rival N.Y.S.E. Bid Said to Be in Works |
| 2005-04-25 |
| The battle over the future of the New York Stock Exchange took an unusual twist last week when a former director and close friend of the ousted chairman, Richard A. Grasso, reached out to Wall Street executives, suggesting that he might pull together a competing bid for the Big Board, executives close to the talks said yesterday. The New York Stock Exchange announced last week that it would buy Archipelago, an electronic trading firm, and become a public company. Kenneth G. Langone, the co-founder of Home Depot and chief executive of a boutique investment banking firm, contacted a handful of Wall Street executives to gauge their support to mount a rival bid, these people said. He and an unidentified investor are willing to put up $200 million in cash, they said. The news was first reported yesterday on the Web site of The Wall Street Journal. It is unclear whether the executives he has contacted will join the effort. Indeed, Mr. Langone would have to match the value of the deal struck last week. The combined entity is valued at $4.7 billion and the Big Board at $3.3 billion, based on the market value of Archipelago on Friday... "Turn those machines back on!" |
| Posted by:Anonymoose |
| #1 (1) This is Not a Good Thing. (2) This story has all the earmarks of an anti-CIA leak in the ongoing CIA vs. DOD/the Administration war. |
| Posted by: too true 2005-04-25 7:08:03 PM |