Following a Monday morning meeting to discuss a revised offer from Battery Ventures., the board of directors of Nymex Holdings Inc. reiterated its commitment to continue moving ahead with its previously-announced transaction with General Atlantic, which was selected last week.

First reported by Dow Jones on Friday, the latest Battery Ventures bid was for a 5% stake in Nymex for $75 million.

“After a thorough evaluation process, the board selected General Atlantic as the best partner to help Nymex continue its evolution,” said Nymex Chairman Mitchell Steinhause. “We stand by that decision today and reiterate our commitment to working with General Atlantic.”

Last Tuesday, Nymex Holdings pulled the trigger on a 10% equity sale to General Atlantic LLC, a global private equity firm that will buy the stake in Nymex for $135 million (see Daily GPI, Sept. 22). Nymex said it plans to hold an informational presentation for shareholders and members in New York City on Sept. 29 to introduce General Atlantic and to discuss the proposed investment and other recent Nymex developments.

In August, Nymex announced it was considering strategic alternatives including the possible issuance of an initial public offering (see Daily GPI, Aug. 19). The Nymex board formed a special committee to lead the process. Two firms were allowed to conduct a three-week due diligence. Those were completed by Aug. 1. The firms were not disclosed but the names that cropped up in the rumor mill were Blackstone, Battery Ventures and General Atlantic (see Daily GPI, April 22). In late August, reports were circulating that J.P. Morgan Chase & Co. was presenting a proposal to the Nymex board to set up an initial public offering for the Exchange.

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