The value of New York hedge fund Kinetic Asset Management's holding in the International Securities Exchange rose by $78m (€58m) in a day after a bid was launched for the US electronic equity options market.

ISE shares closed at $45.72 on April 27 and rose to a year's high of $67.45 on May 1 after it received an offer from Deutsche Börse, the German exchange operator. The stakes owned by ISE's four largest shareholders rose by a total $252m.