According to the Complaint, on September 26, 2016, Bats announced that it had entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which Merger Sub will merge with and into Bats, with Bats surviving as a wholly owned subsidiary of CBOE, and, following the completion of the initial merger, the surviving corporation from the initial merger will merge with and into Merger LLC, with Merger LLC surviving the subsequent merger and continuing as a wholly owned subsidiary of CBOE (the “Proposed Transaction”). Pursuant to the terms of the Merger Agreement, Bats shareholders will receive 0.3201 of a share of CBOE common stock and $10.00 in cash, or an equivalent amount in all cash or all CBOE stock (the “Merger Consideration”). Defendants value the Merger Consideration at approximately $32.50 per share.
The Complaint alleges the Merger Consideration is insufficient and undervalues the Company.
Pursuant to a Stipulation by the parties, this case was ordered dismissed on January 13, 2017.