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Nasdaq, ICE make joint bid for NYSE

04-02-2011 09:33 BJT

NEW YORK, April 1 (Xinhua) -- Nasdaq OMX and Intercontinental Exchange (ICE) on Friday announced a joint 11.3-billion-dollar bid to buy the NYSE Euronext, a 19 percent premium over previous offer by Germany's Deutsche Boerse.

Nasdaq and ICE said in a statement that the offer would be priced at 42.50 dollars per share. According to the proposal, ICE would purchase NYSE's valuable derivatives business while Nasdaq would acquire its stock exchanges and options businesses.

Under the terms of the proposed acquisition, NYSE Euronext stockholders would receive 14.24 dollars in cash, 0.4069 shares of NASDAQ common stock and 0.1436 shares of ICE common stock for exchange of each NYSE Euronext share.

Deutsche Boerse had offered a 10.2 billion dollar takeover bid for NYSE Euronext in February to form the world's largest exchange operator. The announcement officially represented that Nasdaq and ICE entered into rivalry with Deutsche Boerse over NYSE Euronext.

"The combination of the two leading U.S. exchanges delivers an opportunity to build a global exchange platform that has the scale and growth potential to benefit investors, issuers and other market participants. We believe it would increase transparency and liquidity in U.S. markets and create jobs as new companies raise capital," said Robert Greifeld, Nasdaq's chief executive, in the statement.

NYSE Euronex said in a statement that its board will "carefully review" the proposal and urged shareholders not to take any action with respect to the proposal.

Deutsche Boerse said it has noted the offer and "continues to strongly believe that the envisaged merger of Deutsche Boerse and NYSE Euronext is the best possible combination for both shareholder groups and the stakeholders of the companies." NYSE shares last traded at 39.08 dollars per share on Friday, up 11.13 percent compared with previous close.

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Editor:Yang Jie |Source: Xinhua

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