Nasdaq OMX Group and IntercontinentalExchange offered to buy NYSE Euronext for about $11.3 billion as the companies teamed up in an attempt to snatch the New York Stock Exchange from Deutsche Boerse.
The companies offered $42.50 in cash and stock for each NYSE Euronext share, according to a statement Friday. The bid is a 19 percent premium to Deutsche Boerse’s February offer. It is also 27 percent higher than NYSE Euronext’s stock price on Feb. 8, the day before the company's announcement of discussions with Deutsche Boerse.
The offer comes after Frankfurt-based Deutsche Boerse struck a $9.5 billion deal for NYSE Euronext in February. More than $20 billion of exchange acquisitions have been announced in the past five months as venues in North America, Europe and Asia try to cut costs and offset declining profits from equity trading with options, futures and derivatives.
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