Nasdaq-ICE bids for NYSE to trump Deutsche Boerse
Makes hostile offer of about $11.3 billion in cash and stock for NYSE Euronext against Deutsche Boerse deal valued at $9.5 billion.
By Bloomberg | Updated:
NEW YORK: Nasdaq OMX Group and Intercontinental Exchange made a hostile bid of about $11.3 billion for NYSE Euronext, trying to snatch the owner of the New York Stock Exchange (NYSE) away from Deutsche Boerse.
Nasdaq OMX and ICE offered $42.50 in cash and stock for each NYSE Euronext share, according to a statement released on Friday. The shares closed at $35.17 on Thursday. Deutsche Boerse’s February all-stock agreement to purchase NYSE Euronext values the company at about $35.04 a share.
The union of NYSE Euronext and Nasdaq OMX would join the two largest US exchange operators, giving the combined entity a monopoly for company stock listings in the world’s largest capital market. As part of the deal, ICE would purchase NYSE Euronext’s Liffe futures markets while Nasdaq OMX would keep its US options markets.
The Deutsche Boerse deal, valued at $9.53 billion when announced in February, creates the world’s largest exchange operator with venues in the US and Europe.
“What would you pay for the Mona Lisa?” Dick Grasso, the former chairman and chief executive officer of the New York Stock Exchange who was forced to quit in 2003 after receiving $140 million in pay, said in a Bloomberg Television interview on Friday. “I wouldn’t look at this proposal from Nasdaq to be its final bid,” he said.
Nasdaq OMX’s Robert Greifeld is a “very capable CEO and isn’t going to put out his final offer because he knows Deutsche Boerse is going to outbid him.”
NYSE Euronext shares surged 11% to $38.98 at 9:59 am in New York while Nasdaq OMX rose 2.2% to $26.40. Both companies are based in New York. ICE, based in Atlanta, slumped 3.8% to $118.90, and Deutsche Boerse of Frankfurt slipped 0.8% to 53.14 euros. Through yesterday, Deutsche Boerse had fallen 6.8% and NYSE Euronext climbed 5.3% since Feb 8, the day before the two companies said they were negotiating about a merger.
Deutsche Boerse’s bid for NYSE Euronext is “the best possible combination for both shareholder groups and the stakeholders of the companies,” Deutsche Boerse said in a statement. Richard Adamonis, a NYSE Euronext spokesman, declined to comment.
“The DB-NYSE deal would be better for the market and for customers, so economically it would make more sense,” said Christian Muschick, an analyst at Silvia Quandt & Cie in Frankfurt.
Nasdaq OMX and ICE offered $42.50 in cash and stock for each NYSE Euronext share, according to a statement released on Friday. The shares closed at $35.17 on Thursday. Deutsche Boerse’s February all-stock agreement to purchase NYSE Euronext values the company at about $35.04 a share.
The union of NYSE Euronext and Nasdaq OMX would join the two largest US exchange operators, giving the combined entity a monopoly for company stock listings in the world’s largest capital market. As part of the deal, ICE would purchase NYSE Euronext’s Liffe futures markets while Nasdaq OMX would keep its US options markets.
The Deutsche Boerse deal, valued at $9.53 billion when announced in February, creates the world’s largest exchange operator with venues in the US and Europe.
“What would you pay for the Mona Lisa?” Dick Grasso, the former chairman and chief executive officer of the New York Stock Exchange who was forced to quit in 2003 after receiving $140 million in pay, said in a Bloomberg Television interview on Friday. “I wouldn’t look at this proposal from Nasdaq to be its final bid,” he said.
Nasdaq OMX’s Robert Greifeld is a “very capable CEO and isn’t going to put out his final offer because he knows Deutsche Boerse is going to outbid him.”
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NYSE Euronext shares surged 11% to $38.98 at 9:59 am in New York while Nasdaq OMX rose 2.2% to $26.40. Both companies are based in New York. ICE, based in Atlanta, slumped 3.8% to $118.90, and Deutsche Boerse of Frankfurt slipped 0.8% to 53.14 euros. Through yesterday, Deutsche Boerse had fallen 6.8% and NYSE Euronext climbed 5.3% since Feb 8, the day before the two companies said they were negotiating about a merger.
Deutsche Boerse’s bid for NYSE Euronext is “the best possible combination for both shareholder groups and the stakeholders of the companies,” Deutsche Boerse said in a statement. Richard Adamonis, a NYSE Euronext spokesman, declined to comment.
“The DB-NYSE deal would be better for the market and for customers, so economically it would make more sense,” said Christian Muschick, an analyst at Silvia Quandt & Cie in Frankfurt.
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