Report: Nasdaq nearing counter bid for NYSE

AP News
|
Posted: Mar 15, 2011 4:40 PM
Report: Nasdaq nearing counter bid for NYSE

Nasdaq OMX, the parent company of the Nasdaq Stock Market, has moved closer to making a competing bid for the New York Stock Exchange, according to a published report.

The Wall Street Journal, citing people familiar with the matter, reported that Nasdaq was in talks with banks including Bank of America Corp. to line up financing for a bid that could include up to $5 billion in debt. The proposal could come within 48 hours.

Nasdaq is counting on the Atlanta-based derivatives market Intercontinental Exchange Inc. to purchase the parts of NYSE's parent _ NYSE Euronext _ that Nasdaq can't afford.

Deutsche Boerse, the owner of the Frankfurt stock exchange, has said it will buy NYSE Euronext for about $10 billion

Nasdaq OMX Group Inc. and InterContinental Exchange declined comment.