Chicago and Kansas City - CBOE Holdings and Bats Global Markets have announced that they expect to complete CBOE Holdings' acquisition of Bats Global Markets on February 28, 2017. Earlier this month, CBOE Holdings received its final remaining regulatory approval from the United Kingdom's Financial Conduct Authority (FCA), meaning that all U.S. and European regulatory clearances and approvals relating to the transaction have been received. Completion of the transaction remains subject to customary closing conditions.
CBOE Holdings Board of Directors has appointed three directors currently serving on the Bats Global Markets Board of Directors - Joe Ratterman, Chairman, Bats Global Markets, Chris Mitchell, Managing Director, Spectrum Equity, and Michael Richter, Co-Founder and former Chief Financial Officer, Lime Brokerage - to the CBOE Holdings Board of Directors effective upon the closing of the proposed transaction. As a result of these appointments and the previously announced resignations of current CBOE Holdings directors William Brodsky, Susan Phillips and R. Eden Martin the CBOE Holdings board will consist of 14 directors following the closing of the proposed transaction.
The deadline for Bats stockholders to elect the form of merger consideration they desire to receive in the transaction has been set for 5:00 p.m., New York City Time, on February 24, 2017