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Byma stalls Rofex-MATBA merger by withholding quorum at shareholders meeting

Argentine stock market operator Bolsas y Mercados Argentinos SA, or BYMA, has managed to delay a vote on the merger of Mercado A Termino De Buenos Aires SA, or MATBA, with futures market Rofex SA, El Cronista reported.

BYMA reportedly refused to make a quorum possible at a Dec. 12 meeting with the shareholders of MATBA, where members were due to vote on a merger with Rofex. The latter company's shareholders accepted the plan at a Dec. 11 meeting.

The move has only stalled the vote at MATBA, however, as a new meeting has been scheduled for Dec. 27, according to the publication.

Late in November, the Buenos Aires-based stock market operator and competitor BYMA reportedly bought nearly $3 million in shares of the derivatives platform operator MATBA, increasing its stake to 12.25%, in a bid to hold off the merger with Rofex.

Despite that, Rofex, is thought to have majority support for the merger plan among shareholders. Rofex reportedly plans to integrate the two companies before May 2, 2019, when it will list on the stock exchange, but these plans could see delays after BYMA's move.

According to the El Cronista report, independent agents have valued Rofex at around $212 million and MATBA at some $62 million, meaning the merged entity would be worth about $274 million.