Nasdaq OMX and IntercontinentalExchange said they wouldn't make the same mistake a third time.  So, on Monday, they decided to take their $11bn offer for NYSE Euronext directly to shareholders.  NYSE Euronext directors continued to refuse to talk with the two suitors, and instead authorize a merger with Deutsche Börse - too much regulatory risk with Nasdaq and ICE proposal, among other things.

ICE Chief Jeffrey Sprecher:   “The board of NYSE Euronext has twice rejected our superior proposal without meeting with us, despite the fact that their existing merger agreement with the Deutsche Börse allows them to talk with us.  While we are hopeful that the board will decide to consider this transaction, we are taking our proposal to NYSE Euronext stockholders ..." 

A number of shareholders at Thursday's annual meeting expressed dismay at the board’s resistance to negotiate with a rival suitor.   Nasdaq-ICE's offer to exchange each NYSE Euronnext share for $14.24 cash, 0.4069 share of Nasdaq OMX common stock, 0.1436 share of ICE common stock.  The move escalates the battle between the two long-time rivals. Deutsche Börse plans to begin its stock tender offer this month and conclude in early July.   [Dealbook, 5/2]