Image Source: Flickr

Image Source: Flickr

The battle for the New York Stock Exchange has deepened with the co-bidders saying they will make a aggressive takeover bid. NYSE Euronext has twice rejected an unwanted approach from Nasdaq and Intercontinental Exchange worth about $11.3billion. NYSE’s board has already accepted a $10.2billion offer from Deutsche Boerse.

But Nasdaq and Intercontinental Exchange has said it will now make a formal offer direct to NYSE’s shareholders later this month. The move appears intended to press shareholders in the NYSE to force the board to the consulting table. NYSE has rejected Nasdaq-ICE’s offer of talks, saying that the takeover approach is an empty craft.

Last month, Nasdaq said that they wanted to split NYSE’s equities and futures businesses between them. Late on Monday, Nasdaq, which runs equities markets in the US and Europe, and Intercontinental Exchange , a US energy futures specialist, announced that formal details of their bid would be released in a booklet this month.

The co-bidders said they were taking their bid directly to shareholders because NYSE’s board had denied getting involved in discussion. The move could also put pressure on Deutsche Boerse to improve its existing all-share deal. NYSE’s board has argued that the voluntary bid is not serious, risks being blocked by antitrust regulators, and runs contrary to the company strategy of diversifying internationally.

But the Deutsche Boerse bid may also raise guideline issues, as a deal would create a massive presence in certain European financial products. There is also some political opposition from those against the idea of a foreign businesses taking over a Wall Street brand .