NYSE Euronext rejects Nasdaq/ICE takeover bid

Reuters News
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Posted: Apr 10, 2011 2:11 PM

NEW YORK (Reuters) - NYSE Euronext said its board of directors rejected an unsolicited takeover bid by Nasdaq OMX Group Inc and IntercontinentalExchange Inc, and reaffirmed its commitment to merging with Deutsche Boerse AG.

In a statement, NYSE Euronext called the $11.3 billion (6.8 billion pounds) bid from Nasdaq and ICE "strategically unattractive, with unacceptable execution risk."

It also said an earlier, friendly $10.2 billion offer from Germany's Deutsche Boerse creates "substantially more long-term value" for shareholders, and is "significantly more likely to close."