CBOE - Why Shares of Cboe Global Markets Soared -- Then Gave It All Back -- on Wednesday
At its peak price on Wednesday, Cboe Global Markets (NYSEMKT: CBOE) stock was up more than 9% in response to whispers it was to be acquired by fellow exchange CME Group (NASDAQ: CME) . Shares were back near break-even levels for the day, however, after CME Group denied the rumor.
Financial Times broke the now-denied story, suggesting CME was preparing an all-stock buyout offer that would have valued Cboe Global Markets at $16 billion. An official statement from CME Group, however, explains: "CME Group denies all rumors that it is in conversations to acquire Cboe Global Markets. The company has not had any discussions with Cboe whatsoever." The statement goes on to say, "While the company does not typically comment on rumor or speculation, today's inaccurate information required correction."
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Why Shares of Cboe Global Markets Soared -- Then Gave It All Back -- on Wednesday