Nasdaq and ICE firm up NYSE Euronext bid

first_imgTuesday 19 April 2011 4:17 pm whatsapp Tags: NULL whatsapp Nasdaq OMX and Intercontinental Exchange have promised to pay a $350m (£215m) fee to NYSE Euronext if regulators knock down their takeover offer, in a bid to get NYSE to start deal talks.Nasdaq and ICE also said they had secured committed financing from banks to back their $11.1bn bid for NYSE, and expected US antitrust regulators to start a review of their bid soon. A merged Nasdaq and NYSE would have a virtual stranglehold on US stock listings.The announcement was designed to address two key concerns raised by NYSE’s board: antitrust risk and strategic fit. NYSE had unanimously rejected Nasdaq and ICE’s bid in favor of a $9.8bn deal with Germany’s Deutsche Boerse. NYSE said it will review the revised bid submitted by Nasdaq and ICE. But the $350m reverse breakup fee offered by Nasdaq and ICE falls far short of the $1bn or more that sources have said NYSE would likely want. “I don’t know that it moves the needle,” said Patrick O’Shaughnessy, an equity research analyst with Raymond James. “The only real change to deal terms is the breakup fee, and I am not sure that it is large enough to sway the NYSE board.”Another analyst said the breakup fee “incrementally communicates” Nasdaq and ICE’s belief that their deal would pass regulatory muster.The fee is about the same as the €250m that NYSE would have to pay Deutsche Boerse if it opts to go with the Nasdaq bid. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrapcenter_img Share alison.lock Nasdaq and ICE firm up NYSE Euronext bid Show Comments ▼ last_img

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