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NYSE Euronext gets rival bid from Nasdaq and ICE | NYSE Euronext gets rival bid from Nasdaq and ICE |
(about 7 hours later) | |
US exchanges Nasdaq and ICE have mounted a $11.3bn (£7bn) bid for NYSE Euronext, topping a previous offer from Deutsche Boerse. | US exchanges Nasdaq and ICE have mounted a $11.3bn (£7bn) bid for NYSE Euronext, topping a previous offer from Deutsche Boerse. |
The bid compares with Deutsche Boerse's offer of $10.2bn. | The bid compares with Deutsche Boerse's offer of $10.2bn. |
But the move could raise competition questions, as it would bring together the two largest US stock exchanges. | But the move could raise competition questions, as it would bring together the two largest US stock exchanges. |
The Deutsche Boerse bid itself is also likely to raise regulation issues, as a deal would create a massive presence in certain European financial products. | The Deutsche Boerse bid itself is also likely to raise regulation issues, as a deal would create a massive presence in certain European financial products. |
The Deutsche plan has also attracted political opposition from those against the idea of a foreign company taking over a Wall Street brand. | The Deutsche plan has also attracted political opposition from those against the idea of a foreign company taking over a Wall Street brand. |
The new offer, valued at $42.50 per share, is 27% above the company's valuation before Deutsche Boerse's initial bid in February. | The new offer, valued at $42.50 per share, is 27% above the company's valuation before Deutsche Boerse's initial bid in February. |
ICE, an Atlanta-based futures specialist, is interested in NYSE's derivatives business while Nasdaq would like the stock exchanges and options businesses. | ICE, an Atlanta-based futures specialist, is interested in NYSE's derivatives business while Nasdaq would like the stock exchanges and options businesses. |
NYSE's stock surged 12.6%, ICE lost 3.1% while Nasdaq OMX rose 9.3%. | |
NYSE Euronext said its board would "carefully review" the new offer and recommended that shareholders should take no action pending its review. | NYSE Euronext said its board would "carefully review" the new offer and recommended that shareholders should take no action pending its review. |
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