Nasdaq OMX Group and IntercontinentalExchange made a hostile bid of about $11.3 billion for NYSE Euronext, trying to snatch the owner of the New York Stock Exchange 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 Friday. Deutsche Boerse's February all-stock agreement to purchase NYSE Euronext values the company at about $35.04 a share.
As part of the deal, ICE would purchase NYSE Euronext's futures markets, while Nasdaq OMX would keep its U.S. 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 U.S. and Europe.
The union of NYSE Euronext and Nasdaq OMX would join the two largest U.S. exchange operators, giving the combined entity a monopoly for company stock listings in the world's largest capital market. Nasdaq OMX and ICE would continue to operate as separate businesses, according to the statement.
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.
“A vast majority of developed countries have a strong national exchange, a cornerstone of their economies,” Nasdaq CEO Robert Greifeld said in an e-mailed statement. “To remain competitive and reduce market fragmentation, we will create a strong global exchange to increase market transparency and liquidity and attract worldwide issuers.”