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Nasdaq Closing In on Bid for NYSE
It would take at least $10 billion from Nasdaq OMX Group to perhaps unseat Deutsche Boerse AG's $9+ billion offer on the table for NYSE Euronext. Nasdaq and ICE are working on such an offer.
IntercontinentalExchange (ICE) reportedly is discussing with Nasdaq what assets ICE would buy and at what price. Meanwhile, Nasdaq is trying to line up financing.
Nasdaq also is desperate because it's so far been left out of merger agreements since October - that's involved NYSE, LSE, Deutsche Boerse, Canada’s TMX Group Singapore SGX Exchange and Australia’s ASX. "If you’re not one of the top four to five players, you might be relegated to being a regional player," Larry Tabb, founder of New York-based research firm Tabb Group LLC, told Bloomberg.
DealReporter Says ... Nasdaq would finance an offer with about $5 billion in debt from lenders led by BAC and $5 billion in asset sales. ICE would buy NYSE Euronext’s European assets. Yiannacopoulos declined to comment.Bank of America is advising Nasdaq on its potential bid for NYSE, and JPMorgan Chase & Co. is advising Nasdaq on options regarding the LSE-TMX Group deal. Prospects of a bidding war for NYSE Euronext sent shares of the New York Stock Exchange’s owner 5.5% . Nasdaq shares have a market value of $4.64 billion, 9th out of 23 companies in the Bloomberg World Exchanges Index, where the average value is about $5.5 billion. NYSE Euronext is valued at $9.4 billion and Deutsche Boerse is $14.5 billion. [Bloomberg, 3/14]
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