Bidders take NYSE fight to shareholders
By Pallavi Gogoi |
May 4, 2011, Wednesday
|
Print Edition
Print Edition
AFTER being rejected twice by the parent company of the New York Stock Exchange, Nasdaq and IntercontinentalExchange have intensified their fight for the top United States stock market.
On Monday, Nasdaq OMX Group Inc and IntercontinentalExchange Inc said they are taking their unsolicited bid for the NYSE directly to shareholders. They are starting an exchange offer to jointly acquire all of the outstanding shares of NYSE Euronext for US$11 billion.
The parent of NYSE has twice rejected the joint bid from Nasdaq and ICE saying it is committed to its previously agreed-to US$10 billion merger with German exchange operator Deutsche Boerse, despite the lower price. For each NYSE share, Nasdaq and ICE are offering US$14.24 in cash, 0.4069 share of Nasdaq stock and 0.1436 share of ICE common stock.
The fight for shareholder votes was largely expected. Nasdaq CEO Robert Greifeld told analysts recently that the company planned to appeal to shareholders directly if NYSE again rebuffed the company's advances.
"The NYSE Euronext Board has continually challenged the seriousness of our proposal and refused to engage us in discussion despite the positive feedback we have received from their stockholders," Greifeld said on Monday in a statement. "The commencement of this exchange offer should convince the NYSE Euronext Board of the seriousness of our intentions."
NYSE Euronext shareholders hurled questions at the company's top executives at last week's annual meeting. They expressed concern the takeover bid, worth US$1.4 billion more than the Deutsche Boerse deal, was not being considered.
On Monday, Nasdaq OMX Group Inc and IntercontinentalExchange Inc said they are taking their unsolicited bid for the NYSE directly to shareholders. They are starting an exchange offer to jointly acquire all of the outstanding shares of NYSE Euronext for US$11 billion.
The parent of NYSE has twice rejected the joint bid from Nasdaq and ICE saying it is committed to its previously agreed-to US$10 billion merger with German exchange operator Deutsche Boerse, despite the lower price. For each NYSE share, Nasdaq and ICE are offering US$14.24 in cash, 0.4069 share of Nasdaq stock and 0.1436 share of ICE common stock.
The fight for shareholder votes was largely expected. Nasdaq CEO Robert Greifeld told analysts recently that the company planned to appeal to shareholders directly if NYSE again rebuffed the company's advances.
"The NYSE Euronext Board has continually challenged the seriousness of our proposal and refused to engage us in discussion despite the positive feedback we have received from their stockholders," Greifeld said on Monday in a statement. "The commencement of this exchange offer should convince the NYSE Euronext Board of the seriousness of our intentions."
NYSE Euronext shareholders hurled questions at the company's top executives at last week's annual meeting. They expressed concern the takeover bid, worth US$1.4 billion more than the Deutsche Boerse deal, was not being considered.
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