Nasdaq, ICE make $11.3B bid for NYSE Euronext

[April 01, 2011]  NEW YORK (AP) -- Nasdaq is teaming up with IntercontinentalExchange to make an approximately $11.3 billion counteroffer for the parent of the New York Stock Exchange.

The joint bid is a challenge to Deutsche Boerse, the owner of the Frankfurt stock exchange, which has said it will buy NYSE Euronext for about $10 billion. Nasdaq and ICE say their offer is a 19 percent premium to Deutsche Boerse's bid.

As part of the proposal, Atlanta-based derivatives market IntercontinentalExchange Inc. would acquire NYSE Euronext's derivatives businesses. Nasdaq OMX, parent of the Nasdaq Stock Market, would keep NYSE Euronext's remaining businesses, including the NYSE Euronext stock exchanges.

The joint bid of $42.50 in cash and stock does not come as a surprise, as reports surfaced last month that Nasdaq was moving closer to making a competing offer.

[Associated Press]

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.