Dubai Bids $4 Billion for OMX, Trumping Nasdaq Bid |
| Bloomberg - Aug 17, 2007 |
Borse Dubai, owner of the emirate's two stock exchanges, offered 27.7 billion kronor ($3.96 billion) for Sweden's OMX AB, topping a bid from Nasdaq Stock Market Inc.
The company offered 230 kronor in cash for each share of OMX, the biggest Nordic exchange operator, it said in an e-mailed statement. The price is 14 percent higher than the 202.3 kronor cash and stock offer for each share that New York-based Nasdaq agreed to pay, Borse Dubai said today. The Dubai exchange said it controls 28.4 percent of Stockholm-based OMX.
Dubai's bid threatens Nasdaq's plans to expand across the Atlantic and compete with NYSE Group Inc., which bought Euronext NV in April. Nasdaq failed to acquire London Stock Exchange Group Plc in February. The fight pits OMX Chief Executive Officer Magnus Boecker against his predecessor Per Larsson, who was ousted at OMX in 2003 and made the new head of Borse Dubai this month to help pursue purchases.
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- Posted: 2007-08-17 09:40:12
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