- Associated Press - Sunday, April 10, 2011

NEW YORK | The parent company of the New York Stock Exchange said Sunday that it rejected an $11.3-billion bid from Nasdaq and IntercontinentalExchange to buy the company.

NYSE Euronext said that its board decided to turn down the offer, which was submitted earlier this month, because it was “highly conditional” and would have caused unnecessary risk for shareholders.

The company said it is sticking with its plan to combine with German exchange operator Deutsche Boerse AG. NYSE agreed to that $10 billion deal in February.

The rejection of the Nasdaq/ICE bid was expected. Analysts have said that a deal between the companies would have led to more job losses. They also worried that a combination would raise antitrust concerns in Washington if Nasdaq and NYSE created one big U.S. stock market exchange.

NYSE said the Deutsche Boerse deal creates more value for investors and is “significantly more likely” to become final.

Officials with Nasdaq OMX Group and IntercontinentalExchange Inc. did not immediately return phone calls seeking comments.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide