NEW YORK (Reuters) - Nasdaq OMX Group and IntercontinentalExchange Inc. will take their OPA of NYSE Euronext straight to the shareholders by the Big Commission as they try to the company of angle of the talks.
NASDAQ and ice said Monday they will launch a public offer to purchase shares of NYSE later this month. The move comes after the Board of Directors of the NYSE twice rejected the unsolicited offer of 11 billion dollars for its agreement existing 10.2 billion with Deutsche Boerse.
NASDAQ and the move to go hostile ice could force NYSE at the negotiating table or to retaliate with defensive measures if shareholders intensify pressure. It might also pressure Deutsche Boerse in softening his agreement.
But it is unlikely that the last word in what may be a long battle.
NYSE could sit still tight. The gap between the ice Nasdaq and Deutsche Boerse offers - a concern major shareholders - it is reduced to 8% of 20% in recent weeks, in part by a weakening of the US dollar.
The Nasdaq-ice exchange offer will also have conditions that could still derail.
"We believe that the conditions attached to the offer virtually endless list ensure that she will never be executed," said Patrick O'Shaughnessy, Raymond James analyst. "."
"The conditions of the offer essentially State that Nasdaq and the first ice proposal must be approved by the NYSE, so that this offer does not appear to be hostile to all the."
Shareholders of the New York Stock Exchange parent insist nonetheless that he speak at least NASDAQ and ice on their agreement.
"I'm bored that NYSE had avoided any conversation with Nasdaq." "I feel as if they are biased to the offer of Deutsche even though in economic terms, it does not equal", said Keith Wirtz, investment officer head the fifth third Asset Management, which holds more than 100,000 shares of NYSE Euronext.
"The proposals on the table are not likely to be the last", said Wirtz. "I really think that the German company will be forced to react to the actions of the Nasdaq.".
A MATTER OF INTENTIONS
So far, NYSE adopted a defence "just say no" to the openings of ice and the Nasdaq and Deutsche Boerse has shown no intention of changing its agreement.
NASDAQ and ice want to separate the NYSE Euronext transactions between them and have said that is their best deal for shareholders, who will have finally to decide.
Board of Directors of the NYSE submitted that the unsolicited bid is not serious, he may be blocked by antitrust regulators and is contrary to the strategy of the company to diversify internationally.
"The start of this exchange offer should convince the Board of NYSE Euronext to the seriousness of our intentions," Nasdaq CEO Robert Greifeld said Monday in a statement that announced that the advice of Nasdaq and ice approved the plan.
Later Monday, NYSE Euronext has recognized the planned offer and noted that the Nasdaq and the ice made step adjust their bid.
Deutsche Boerse said it remains committed to its merger with NYSE agreement.
"Deutsche Boerse said that the proposal of Nasdaq and ice burden shareholders with irresponsible leverage, eliminating a competitor and face insurmountable antitrust risks," he said.
CONDITIONAL OFFER
NASDAQ, which will market shares and options in the country to the United States and Northern Europe, and the ice, a future energy specialist based in Atlanta, said that their offer could be detailed in a regulatory filing this month prospectus here.
The pair listed seven conditions that may complicate the offer. These conditions include the need for a Commission of NYSE Euronext to waive a rule which limits the individual property of 20 per cent of the shares and 10% of the vote.
Other conditions include NYSE terminating its agreement to merge with Deutsche Boerse and offers the NYSE Board approving the Nasdaq and ice.
NYSE shareholders are scheduled to vote July 7 on the plan of the Deutsche Boerse, which was unveiled in February.
This agreement, which would create more large operator of Exchange in the world, capped a high wave of plans merger of exchanges in the world.
Shares of NYSE Euronext ended 0.9 percent higher at $40.40, Nasdaq shares closed up 2 cents to $27.14, and ICE fell 1.8% to $118.20. Shares in Deutsche Boerse - the largest of the four - closed up 0.4% to 56.32 EUR Monday.
(Reported by Jonathan Spicer and Paritosh Bansal; additional reports by Ann Saphir in Chicago;) (Editing by Bernard Orr, Richard Chang, Dave Zimmerman and Robert MacMillan)
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