Owners of the
Chicago Mercantile Exchange
have never been fonder of their East Coast stock-trading peer.
About 12 months after going public on the
, the Merc announced Friday it had priced a 2.1 million-share secondary for selling shareholders at $67 each. The offering follows the expiration of a lockup agreement and was underwritten by Morgan Stanley.
The CME initial public offering priced at $35 on Dec. 6, 2002, and shares were at $42.90 by the end of the first day's trading. The shares approached $80 in early August and have eased a bit since then, but still represent nearly a 100% premium from their offering price.
The shares remain reasonably valued, however, costing about 16 times the 2004 Thomson First Call estimate.
There's a 308,000-share overallotment option on Friday's deal.