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Nasdaq, ICE Validates Bid for NYSE Euronext
The Nasdaq OMX Group and the IntercontinentalExchange provided written assurance to the NYSE Euronext Board regarding its takeover bid. Nasdaq and ICE sought to allay concerns that they were not serious - particularly as it pertains to antitrust and break-up fee issues:
- Nasdaq and ICE said that, should the deal not win regulatory (antitrust) approval, they'd pay a $350 million break-up fee to NYSE Euronext. This reverse termination fee covers just about all the $357 million break-up fee provided for in NYSE Euronext’s agreement with Deutsche Börse.
Back on April 10th, the NYSE Euronext Board had rejected the offer in favor of a merger agreement with Deutsche Börse - deriding the proposal as “loosely worded” and “highly conditional,” in addition to the likelihood that such a plan could not survive antitrust approval.
Terms of the Nasdaq-ICE Bid. They're offering $42.67 in cash and stock for every share (vs. Deutsche Börse’s offer of $35.29 in stock). Nasdaq will take over NYSE Euronext’s stock trading business, while ICE will get its derivatives platform. Both companies also said their lenders have officially committed to providing the $3.8 billion in financing needed to support the bid. Those banks include Bank of America, Nordea Bank, Skandiaviska Enskilda Banken, UBS and Wells Fargo."Ball's in NYSE Euronext's court." [NYT Dealbook, 4/19]
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