Nasdaq OMX and ICE pull bid for NYSE
Plans shelved after talks with US Department of Justice’ antitrust division
By CFOWorld.co.uk | CFO UK | Published 13:00, 16 May 11
Plans that would have seen Nasdaq OMX and IntercontinentalExchange (ICE) acquire NYSE Euronext were officially shelved on Monday after the two businesses met with US antitrust regulators in recent weeks.
Joint takeover proposals were put forward in April of this year but will not now go ahead because it was made clear that regulatory approval would not have been granted.
“We saw a unique opportunity to create more value for stockholders and strengthen the US as a centre for capital formation amid an on-going shift of these vital activities and jobs outside of our country,” Nasdaq OMX’ chief executive Bob Garfield said in a statement released on Monday.
“We took the decision to withdraw our offer when it became clear that we would not be successful in securing regulatory approval for our proposal despite offering a variety of substantial remedies, including the sale of the NYSE SRO and related businesses.”
ICE’s chairman and chief executive said: “We will continue to seek opportunities that benefit our customers and stockholders and that leverage our unique global market infrastructure in commodities, derivatives and clearing.”
Earlier on Monday, the London Stock Exchange Group said it is still keen to proceed with a move to merge with TMX even after a rival bidder emerged for the Canada-based exchange.
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