NYSE Euronext fight heats up
By Paritosh Bansal and Jonathan Spicer |
April 13, 2011, Wednesday
|
Print Edition
Print Edition
NASDAQ OMX Group and Deutsche Boerse are wooing major NYSE Euronext shareholders, as both exchanges stand by their bids for the Big Board parent and dig in for a drawn-out battle.
Nasdaq and partner IntercontinentalExchange Inc were unbowed on Monday after NYSE Euronext's board rejected their takeover offer in favor of a lower bid from Deutsche Boerse.
Shareholders at the center of the increasingly bitter fight were bracing for a bidding war and weighing a stark choice: The short-term gain from Nasdaq's higher but probably riskier offer or leaving cash on the table for what could be a better long-term fit with Deutsche Boerse.
While Nasdaq and ICE would carve NYSE Euronext in two, the Deutsche Boerse combination would create the world's top exchange operator. The rival plans face considerable antitrust hurdles in the United States or Europe, complicating things for shareholders.
"It is really early on in this contest. There's lots of time for mischief," said Thomas Caldwell, chairman and founder of Toronto-based Caldwell Investment Management Ltd.
Nasdaq and ICE are not about to walk away from their US$11.3 billion unsolicited offer, and they are working behind the scenes to persuade NYSE shareholders to pressure the exchange's directors, according to people familiar with the matter.
Deutsche Boerse, which in February struck a US$10 billion friendly deal to acquire NYSE Euronext, has no plans to raise its offer, two other sources said yesterday.
On Sunday, NYSE's board rejected the Nasdaq-ICE bid as "strategically unattractive, with unacceptable execution risk."
The maneuvering points to a lengthy and public fight for the parent company of the venerable New York Stock Exchange, which also runs stock and futures markets across Europe.
NYSE Euronext is the biggest of the takeover targets now in play as many of the world's exchanges, including the London Stock Exchange and Canada's TMX Group, look to band together.
Nasdaq and partner IntercontinentalExchange Inc were unbowed on Monday after NYSE Euronext's board rejected their takeover offer in favor of a lower bid from Deutsche Boerse.
Shareholders at the center of the increasingly bitter fight were bracing for a bidding war and weighing a stark choice: The short-term gain from Nasdaq's higher but probably riskier offer or leaving cash on the table for what could be a better long-term fit with Deutsche Boerse.
While Nasdaq and ICE would carve NYSE Euronext in two, the Deutsche Boerse combination would create the world's top exchange operator. The rival plans face considerable antitrust hurdles in the United States or Europe, complicating things for shareholders.
"It is really early on in this contest. There's lots of time for mischief," said Thomas Caldwell, chairman and founder of Toronto-based Caldwell Investment Management Ltd.
Nasdaq and ICE are not about to walk away from their US$11.3 billion unsolicited offer, and they are working behind the scenes to persuade NYSE shareholders to pressure the exchange's directors, according to people familiar with the matter.
Deutsche Boerse, which in February struck a US$10 billion friendly deal to acquire NYSE Euronext, has no plans to raise its offer, two other sources said yesterday.
On Sunday, NYSE's board rejected the Nasdaq-ICE bid as "strategically unattractive, with unacceptable execution risk."
The maneuvering points to a lengthy and public fight for the parent company of the venerable New York Stock Exchange, which also runs stock and futures markets across Europe.
NYSE Euronext is the biggest of the takeover targets now in play as many of the world's exchanges, including the London Stock Exchange and Canada's TMX Group, look to band together.
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