When you sold tastytrade to IG Group for one billion USD, you chose that deal over higher SPAC offers. What was the rationale?

During the height of the SPAC market frenzy, we received five separate acquisition offers for tastytrade. The SPAC valuations were artificially inflated, and another suitor offered an unfavorable mix of private equity and restricted cash. IG Group in London had a publicly traded stock that we believed was severely undervalued due to market misunderstandings around their contract-for-difference business. Just as we did with TD Ameritrade, we accepted an offer that provided global market access and undervalued public equity rather than chasing paper paper-wealth promises.