NEW YORK - Nasdaq OMX Group Inc. is ready to fight to become the operator of the New York Stock Exchange - for next year at least.
The company has a plan in place until April 2012 to see through its joint bid of 11.3 billion with IntercontinentalExchange Inc. for NYSE Euronext Inc., CEO Robert Greifeld said Wednesday in an analyst conference call. NASDAQ will also continue to support shareholder directly if the NYSE Board refuses to take account of the offer, said.
The combative attitude following dissemination of earnings results earlier Wednesday in which the Nasdaq said first quarter net income soared 71 percent on robust derived commercial and compensation of revenue.
The operator global exchange, said it earned $ 104 million, or 57 cents per share, for the period ending March 31. It is starting from 61 million, or 28 cents per share, a year earlier.
The most recent quarter results include $ 9 million of expenses related to the merger and strategic initiatives, a reserve of loss of sublease and other articles. Adjusted earnings pink to 61 cents per share of 43 cents per share.
Revenues rose 15 per cent to 415 million $ 360 million, topping the expectations of Wall Street of 409.7 million. Total derived commercial and compensation of income increased 31% to $ 80 million.
Even with results, Nasdaq OMX lose market share to smaller operators such as direct Edge and bats Exchange as technology down the costs of trading. New exchanges mean cheaper costs and better enforcement of trade for small investors. But it has forced the major operators to grow even more important, through acquisitions, to ensure their survival.
Greifeld said Wednesday that the combination of the Nasdaq and the NYSE world stock markets would create the world "leader cash equity market.".
"It will be the undisputed leader," he said.
Under the terms of the agreement, Nasdaq would also get the company options, while the ice would be exercising NYSE Euronext derivatives lucrative.
NASDAQ OMX and ice said Tuesday that funding had been aligned to their unsolicited tender offer. The companies also offered to pay to the owner of the NYSE a considerable sum if regulators to reject the agreement.
Earlier in the month, NYSE Euronext rejected Nasdaq OMX/ice offer for an offer of 10 billion dollars by the German exchange operator Deutsche Boerse AG.
NYSE Euronext called OMX Nasdaq supply and ice "highly conditional" and said that he would have caused unnecessary risk to shareholders.
The proposed merger of NYSE Euronext and Deutsche Boerse would create the largest operator of the World Fellowship.
NASDAQ and ice are seeking to meet with the Board of NYSE Euronext on their proposal. Companies complained this month that their offer was rejected without discussion.
"We are uninvited, but we will continue to endeavour to conclude the discussions friendly and hopefully have the opportunity to discuss how our transactions are better for short- and medium-term investors," Greifeld said at the Wednesday conference call. "We are determined to pursue our bid at the end."
OMX NASDAQ and ice said that they have arranged for 3.8 billion in financing and are willing to pay 350 million dollars of NYSE Euronext, if they are unable to obtain the approval of antitrust regulators in the Covenant.
NYSE should hold its annual shareholders meeting April 28.
没有评论:
发表评论