CBOE Members To Vote On Demutualization In Early June

Member-owners of the Chicago Board Options Exchange will vote on its plan to convert to a shareholder-owned structure in early June, according to a notice sent to seatholders late Thursday.

The vote, which requires a majority of all memberships to approve the conversion, precedes a planned initial public offering for the parent of the CBOE.

A flotation is seen by the end of June.

Notice of the planned membership vote follows a meeting of seatholders convened Thursday by CBOE Holdings. Exchange executives, who back the flotation, provide more details on IPO timeline and plans for a special dividend for seatholders.

The CBOE is the largest U.S. options exchange by volume, and its progress toward a long-planned public float is being closely watched after a three-year legal dispute over ownership rights in the company was resolved in December.

-By Jacob Bunge, Dow Jones Newswires; (312) 750 4117; jacob.bunge@dowjones.com

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