NEW YORK -- John Mack, a leader of the group opposing the New York Stock Exchange's planned merger with Archipelago Holdings Inc., said he spoke yesterday with NYSE chief executive John Thain and won a promise from the Big Board leader to explain the deal to Wall Street firms.
The conversation came as representatives of both sides lobbied the exchange's 1,366 seat holders, who will ultimately decide whether to proceed with the merger.
Mack, a longtime Morgan Stanley executive, said Thain agreed to meet with an undisclosed number of Wall Street firms. Representatives of the firms had attended a Monday meeting hosted by former NYSE board member Kenneth Langone to air concerns about the merger and discuss a possible counteroffer for the exchange.
Meanwhile, representatives of the group headed by Langone and Mack spent yesterday seeking support for their effort against the merger, according to two seat holders who received calls from both sides. A source close to Langone's group said others called to lend their support. There are 1,366 seats on the exchange. Two-thirds would have to vote yes to approve the merger.