Under the terms of the transaction would ICE would carve out NYSE derivatives unit and Nadasq the remaining companies.NASDAQ OMX and IntercontinentalExchange on Friday offers a hostile game for NYSE Euronext, $42.50 in cash and shares made - in the offer, which was valued at $11.3 billion.
The joint proposal by the two partners fit an offer from Deutsche B?rse to 19 percent and a 27 percent premium on the NYSE share price represents, before the German stock exchange deal was announced in early February.
Under the terms of the transaction would ICE would carve out NYSE derivatives unit and Nadasq the remaining companies, including the stock trading and options in the United States. For each share they NYSE have investors $14,24 in cash, plus 0.4069 shares of NASDAQ and ICE 0.1436 shares would receive.
"Our industry is, a period of historical change", said Robert Greifeld, Chief Executive of NASDAQ, in a statement. "The combination of the two leading US listed offers the possibility to create a global exchange platform which benefit the scale and the growth of potential investors, issuers and other market participants has." "We believe would to increase transparency and liquidity in U.S. markets and to obtain employment as a new corporate capital."
American stock markets lost ground in recent years to international competitors. In 2010, which accounted for United States only 16 percent of the capital around the world raised according to ICE represents. And only one of the 10 largest initial public offerings, the one for General landed domestic Exchange engine.
The transaction would help, NASDAQ more effectively compete in a changing global market, one which always depending on the size and scale. Cash equities business would among the world's largest players in the stock trading NASDAQ with the addition of the NYSE.
But the deal faces significant obstacles. During the bar, rivals long already high for hostile takeovers, NASDAQ and NYSE - and his is unclear how the two could work together. Still Deutsche B?rse has made it clear how it will respond to the counterproposal.
Each transaction could take its toll on NASDAQ finances. The company has nearly $2.2 billion in long-term debt.
NASDAQ and ice would finance financing business through existing cash on the books and $ 3.8 billion. The company she said commitments from several companies, including the Bank of America and Wells Fargo had received.
Bank of America Merrill Lynch and Evercore group NASDAQ with Shearman & Sterling provides legal counsel for this transaction on the deal, consulting. Lazard, Broadhaven capital work with ice partners and BMO Capital markets, while Sullivan & Cromwell is the company from legal point of view, represents.
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