The shareholder suits started pouring in just one day after Deutsche Boerse AG announced its proposed $9.53 billion buyout of NYSE Euronext on Feb. 15. And with NYSE shareholders poised to vote on the deal July 7, the defendants have decided to settle.
As detailed in a June 23 Securities and Exchange Commission filing and court papers, the defendants agreed on June 16 to settle consolidated class actions in Delaware Chancery Court and in state and federal courts in Manhattan. Under the terms of the agreement, NYSE and Deustche Boerse agreed to pay NYSE shareholders a $905 million dividend following the merger’s completion. Both companies had previously announced a proposed “special dividend” on June 7. The settlement must still be approved by Manhattan Supreme Court Justice Shirley Kornreich and Delaware Chancery Court vice-chancellor Leo Strine.
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