MarketAxess is trading 30% up today at $163.20 after Intercontinental Exchange (ICE) agreed to acquire the company in an all-cash deal.
- The acquisition is valued at approximately $6 billion, with ICE paying $167 per share, representing a 33% premium to the July 29 closing price.
- The deal has been unanimously approved by both boards and is driving significant arbitrage buying toward the takeover price, despite general weakness in the financials sector.