Archipelago Holders Back NYSE Merger

CHICAGO -- Shareholders of Archipelago Holdings Inc. approved the $6.6 billion acquisition of the electronic-exchange operator by the New York Stock Exchange, moving the landmark deal a step closer to completion, Dow Jones reported Tuesday.

The vote was approved at a special meeting of Archipelago's shareholders here Tuesday. About 71 percent of all shares entitled to vote participated, though the vote count wasn't immediately available.

After regular trading ends Tuesday, the NYSE's 1,366 members are expected to submit the two-third's approval needed to pass. The deal, which already has been blessed by the Justice Department and the Internal Revenue Service, is expected to be completed early next year.

The transaction would marry the 213-year-old NYSE with an electronic-trading platform that would give the NYSE an entry into businesses such as options trading and the trading of Nasdaq-listed stocks.

-- NYSSCPA.org News Staff

Posted on 12/6/05

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