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COPYRIGHT 2005 American Lawyer Media L.P.
The Big Board is going public. The New York Stock Exchange, Inc., announced April 20 that it had agreed to a merger with Archipelago Holdings, Inc., a Chicago electronic trading company. Holders of the 1,366 seats on NYSE would control 70 percent of the equity of the combined enterprise, to be called NYSE Group, Inc. Archipelago shareholders would own the remaining 30 percent. In an unusual aspect of the deal, NYSE seatholders will also receive about $400 million, or $300,000 per seat.
The combined entity, which would have...
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