Langone Still Weighing Possible NYSE Bid
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Billionaire Ken Langone said Thursday that he was still studying the value of the New York Stock Exchange in advance of a possible bid for the world’s largest stock market.
The co-founder of Home Depot Inc. and chairman of investment bank Invemed Associates Inc. has been considering an offer since the NYSE in late April agreed to buy Archipelago Holdings Inc., an electronic stock market. Under the transaction, NYSE members and employees would own 70% of the combined company and the Big Board would become a publicly traded, for-profit concern.
Langone, 69, said he regarded the exchange’s bid for Chicago-based Archipelago as unfavorable for holders of the NYSE’s 1,366 memberships, known as seats.
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