CBOE Announces Tender Offer

Goldman Sachs has published a research report on CBOE Holdings, Inc. (NASDAQ: CBOE) after the company has announced a 12% share sell-off.

In the report, Goldman Sachs writes "CBOE announced results of its tender offer for A1/A2 shares, with 5.98 mn of each (total of 11.96 diluted shares) tendered at $25. Our estimates had already included 12 mn shares tendered/retired, so this has no impact on our 2011/2012 estimates, but the timing of the tender was later in 4Q than we expected, and thus our average diluted share count moves up to 98 mn from 90 mn previously, offset by better market share and volumes in CBOE core business."

Goldman Sachs maintains its Neutral rating and $25 price target.

CBOE Holdings closed yesterday at $23.88.