Michael Kors to Join S&P 500 Index
McGraw-Hill's S&P Dow Jones Indices is undergoing a wardrobe change. After the close of trading on Friday, the service's iconic S&P 500 will be home to clothier Michael Kors . The stock replaces NYSE Euronext , which is being acquired by IntercontinentalExchange.
Perhaps fittingly, IntercontinentalExchange is an S&P 500 company.
IntercontinentalExchange first launched its buyout bid for NYSE Euronext last December with a $33.12-per-share offer. That valued the total transaction at approximately $8.2 billion. The merger has been set for Nov. 4; NYSE Euronext shareholders have until 5 p.m. Eastern time on Thursday to accept the offer. They have the option to do so in cash, IntercontinentalExchange stock, or -- subject to certain limitations -- a combination of both.
The article Michael Kors to Join S&P 500 Index originally appeared on Fool.com.Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends NYSE Euronext. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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