Bid for NYSE Euronext sweetened
4/20/2011NEW YORK -- Nasdaq OMX Group Inc. and Intercontinental Exchange Inc. submitted a fresh takeover bid only for the New York Stock Exchange's parent firm, including a $350 million fee if the deal runs into regulatory trouble.
On April 10, NYSE Euronext's board rejected an unsolicited $11.3 billion, or $42.50 a share, takeover offer from Nasdaq and Intercontinental Exchange while affirming its commitment to a planned merger with Deutsche Boerse.
Intercontinental and Nasdaq added they have financing of $3.8 billion from lenders. The two exchanges said "actions necessary to start the U.S. anti-trust review processes have been taken and those reviews are expected to commence shortly." A review is important because a Nasdaq-NYSE deal would result in only one U.S. venue for new U.S. listings.
The bidders said their offer represents $42.67 a share. "This is 21 percent, or $2 billion, above the $35.29 value per NYX share under the Deutsche Boerse transaction."
NYSE Euronext Chairman Jan-Michiel Hessels has said that Nasdaq-ICE's "highly conditional" bid and the breakup of NYSE Euronext were not in the exchange's best interests. The New York exchange hadn't commented on the revised bid.
Deutsche Boerse originally announced its $9.5 billion deal to merge with NYSE in February. The deal would have the resulting company 60 percent owned by Deutsche Boerse shareholders.