NEW YORK (CNNMoney) -- Nasdaq OMX and IntercontinentalExchange on Friday announced a joint $11.3 billion bid to buy the parent company of the New York Stock Exchange, topping an offer by Germany's Deutsche Boerse.
The rival bid comes after NYSE Euronext agreed in February to be bought by the German company for $10 billion in a deal that would create the world's largest exchange for stocks and derivatives.
Under the rival offer, NYSE Euronext (NYX, Fortune 500) stockholders would receive a mix of cash and shares of Nasdaq (NDAQ) and ICE (ICE) common stock, amounting to $42.50 for each NYSE Euronext share.
The offer represents a 19% premium over the one made by Deutsche Boerse, according to a statement from Nasdaq and ICE.
Shares of NYSE Euronext jumped nearly 12% to $39.33 in pre-market trading.
The two exchanges would spilt NYSE Euronext's businesses, with Atlanta-based ICE buying its derivatives business, according to the proposal.
Nasdaq would take over the stock exchanges, including the New York Stock Exchange and markets in Europe. In addition, Nasdaq would acquire NYSE Euronext's U.S. options business.
The combination would create "a leading international exchange" with operations in sixteen countries and technology that is used in over 60 markets internationally, according to Nasdaq.
The new exchange would be based in New York. ICE and Nasdaq would continue to operate as separate businesses if the deal is approved.
The development is part of what has been a wave of recent consolidation, as exchanges around the world look for ways to reduce transaction costs and increase exposure to the more lucrative derivatives, options and futures markets.
"Our industry is undergoing a period of historic change," said Nasdaq's chief executive, Robert Greifeld, in a statement.
While the Deutsche Boerse merger is expected to face heavy scrutiny from both U.S. and European regulators, the rival suitors believe they will be able to "satisfy the required regulatory approvals in all jurisdictions
The offer represents a 19% premium over the one made by Deutsche Boerse, according to a statement from Nasdaq and ICE.
Shares of NYSE Euronext jumped nearly 12% to $39.33 in pre-market trading.
The two exchanges would spilt NYSE Euronext's businesses, with Atlanta-based ICE buying its derivatives business, according to the proposal.
Nasdaq would take over the stock exchanges, including the New York Stock Exchange and markets in Europe. In addition, Nasdaq would acquire NYSE Euronext's U.S. options business.
The combination would create "a leading international exchange" with operations in sixteen countries and technology that is used in over 60 markets internationally, according to Nasdaq.
The new exchange would be based in New York. ICE and Nasdaq would continue to operate as separate businesses if the deal is approved.
The development is part of what has been a wave of recent consolidation, as exchanges around the world look for ways to reduce transaction costs and increase exposure to the more lucrative derivatives, options and futures markets.
"Our industry is undergoing a period of historic change," said Nasdaq's chief executive, Robert Greifeld, in a statement.
While the Deutsche Boerse merger is expected to face heavy scrutiny from both U.S. and European regulators, the rival suitors believe they will be able to "satisfy the required regulatory approvals in all jurisdictions
this from
http://money.cnn.com/2011/04/01/news/companies/nyse_nasdaq_ice/index.htm
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