PCX Rebuffs Philadelphia's Buyout Offer
EXCHANGE TECHNOLOGIES
NEW YORK--The Pacific Exchange (PCX) has initially rebuffed the Philadelphia Stock Exchange (PHLX)'s offer for buyout talks, say PCX officials who spoke last week at a presentation to traders (TTW, June 16, 2003).
Not exactly an outright purchase offer, the letter to PCX proposed a non-compete agreement that involved PCX's upcoming options trading system, PCX Plus, says Thomas Connaghan, senior executive vice president of the PCX.
"For a premium on our current price, PHLX would buy our seats, and
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