Posted on 04/11/2011 9:27:43 AM PDT by SeekAndFind
NYSE Euronext has rejected an $11.3 billion buyout offer made by Atlanta-based IntercontinentalExchange Inc. and NASDAQ OMX.
ICE (NYSE: ICE) and NASDAQ (NASDAQ: NDAQ) said in a joint statement NYSE Euronext's board of directors “without engaging in any dialogue or discussion, has summarily elected to deny its stockholders the opportunity to benefit from a clearly superior proposal to the announced transaction with Deutsche Börse, a proposed transaction that is indisputably financially inferior.”
The NASDAQ-ICE bid for the New York Stock Exchange is in competition with a $10.2 billion offer made by Deutsche Börse AG, Germany’s biggest exchange.
The two also said they planned to continue to meet with investors, customers and regulators to pitch why their proposal is best.
Jeffrey C. Sprecher, chairman and CEO of IntercontinentalExchange:
"By declining to meet with us, the NYSE Euronext Board is ignoring its obligations to its stockholders, which is surprising given the role that NYSE Euronext sets for issuers in establishing good corporate governance. NASDAQ OMX and ICE would not have made this joint proposal without a high degree of confidence that our proposal is both superior for NYSE Euronext's stockholders and capable of consummation. I would expect that NYSE Euronext's stockholders will make their displeasure known to the board."
Last year, ICE’s revenue grew 16 percent over 2009 while profits rose 25 percent. That growth is expected to continue, boosted in large part by its derivatives-trading business. ICE projected that clearing revenues from the trading of credit-default swaps, a type of derivative, will grow between 15 percent and 20 percent in 2011.
Screw NASDAQ and Greifeld. They were more than willing to sell out to Dubai.
Agreed. The Germans are more trustworthy than the domestic NYC Madoff style scum on Wall Street. Griefeld and Bloomberg are 100% behind the Saudi 911 Victory mosque and ground zero. Scum.
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