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.
NYSE Euronext has rejected a bid from rival like Nasdaq and ICE, saying it will stick with plans to combine with Deutsche Boerse. The Nasdaq-ICE bid was unwelcome and came after the NYSE and Deutsche Boerse announced their mutual plans. In a statement, NYSE Euronext said the directors found the $11.3bn bid from Nasdaq and ICE deliberately repellent, with unacceptable execution risk. Deutsche Boerse’s offer is for $10.2bn.
This new offer, valued at $42.50 per share, is 27% above the company’s valuation before Deutsche Boerse’s initial bid in February. ICE, an Atlanta-based futures predictor, is interested in NYSE’s derivatives business while Nasdaq would like the stock exchanges and options businesses.