Nasdaq OMX Makes Competing Offer To Acquire NYSE Euronext
The Nasdaq OMX Group (NASDAQ:NDAQ) and the IntercontinentalExchange (NYSE:ICE) announced today a joint proposal to acquire NYSE Euronext (NYSE:NYX) for $42.50 per share in cash and stock, or approximately $11.3 billion, based on the closing prices of the respective stocks as of March 31, 2011.The proposal represents a 19% premium over the buyout offer from Deustsche Boerse, based on the German exchanges closing share price as of March 31, 2011, according to Nasdaq OMX and ICE.Under the terms of the deal, NYSE Euronext stockholders would receive $14.24 per share in cash, plus 0.4069 shares of Nasdaq OMX stock and 0.1436 shares of ICE stock for each NYSE Euronext share they own.As part of the proposal, ICE would purchase NYSE Euronext's derivates business, with Nasdaq OMX retaining the rest of NYX's businesses, including its stock exchanges in New York, Paris, Brussels, Amsterdam, and Lisbon, as well as its U.S. options business.The combined NYSE EuronextNasdaq would merge the two larges
Credit: Financial News Network
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