NEW YORK (AFP) - Nasdaq OMX and IntercontinentalExchange Monday said a hostile takeover bid for NYSE Euronext, twice dismissing their offers for a tie-up with Deutsche Boerse the Germany.
NASDAQ and ice said in a joint statement that each of their respective boards of Directors has approved a cash-stock offer to buy all the shares in circulation of NYSE Euronext for about $ 11 billion.
The two companies said they would take the offer directly to the shareholders of NYSE Euronext, after the company headed by the New York Stock Exchange refused offers earlier at the level of the Board of Directors.
"The Board of NYSE Euronext has rejected two times our superior without meeting with us, despite the fact that their merger with the Deutsche Boerse agreement allows them to talk with us," Jeffrey Sprecher, ice President and Chief Executive Officersaid in the statement.
"While we are hopeful that the Commission will decide to take account of this operation, we take our proposal to the shareholders of NYSE Euronext at the start of this exchange offer to provide the opportunity to consider our proposal directly."
NASDAQ OMX and NYSE Euronext approached first ice 1 April with the offer of cash and stock and then sweetened their bid on April 19 by providing a 350 million "tax break-up" If the deal did not meet regulatory muster.
Operators to Exchange also announced that they had secured committed funding of $ 3.8 billion to finance the repurchase of the transatlantic market operator.
Both NYSE Euronext spurned their offers as he continued an already agreed merger with Deutsche Boerse.
In a statement, NYSE Euronext has recognized bidders "intention to commence an unsolicited exchange offer some time in May to acquire all the shares in circulation of NYSE Euronext.".
The terms of the offer remained unchanged since a previous proposal which was "unanimously rejected" by the Council, the takeover target noted.
Under the terms of the offer of Nasdaq-ICE, each share of NYSE Euronext could be exchanged $14.24 cash, 0.4069 shares NASDAQ OMX ordinary and 0.1436 actions ordinary ICE.
The companies said that if they are able to acquire the outstanding shares, they would be "eat a fusion of the second stage as soon as possible thereafter to acquire the remaining shares of NYSE Euronext for the same consideration by action."
"The Board of NYSE Euronext has continually challenged our proposal seriously and refused to engage us in discussion despite the positive comments we have received from their shareholders," Nasdaq CEO Bob Greifeld said in the statement.
"The start of this exchange offer should convince the Board of NYSE Euronext to the seriousness of our intentions." We continue to welcome the opportunity to enter into meaningful discussion with the Board of NYSE Euronext holding to carry out a transaction that is in the best interest of their shareholders. ?
Their proposed acquisition of markets in New York, Brussels, Paris, Amsterdam and Lisbon would keep legendary Wall Street exchange under U.S. property.
If the bid is successful, NYSE Euronext would be broken, with his company of Liffe derivatives go to ice while NASDAQ OMX - best known for trade of the world leading technology companies - could take control of the stock exchange of New YorkParisBrussels, Amsterdam and Lisbon.
The bid is also a piece to the American nationalist sentiment, after the Deutsche Boerse moved quilted complaints that the NYSE would come under the control of foreigners.
To the terms of the merger proposal on 15 February, the firm combined, consisting of the Netherlands would be owned 60 percent by existing shareholders of Deutsche Boerse and the German company will dominate the new Commission.
Shares of NYSE Euronext spent 0.9% to $40,43 in afternoon trade in New York, while the Nasdaq slipped 0.1% to $27.08 and ICE dropped 1.7 percent to $118.35.
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