Key OMX Holders May Take Stock-Only Nasdaq Bid: Report
U.S. exchange Nasdaq said it was talking to key shareholders in OMX to persuade them to accept a share-only bid for the Nordic exchange operator and that some had agreed, the Financial Times reported on Tuesday.
The newspaper cited Nasdaq Chief Executive Bob Greifeld as saying OMX shareholders Investor AB and Nordea had agreed to forego the cash portion of the Nasdaq offer and that other holders were considering doing the same.
The FT said the move would enable Nasdaq, whose agreed offer for OMX was trumped last week by a higher, cash-only bid from Borse Dubai, to offer more cash to hedge fund investors.
Greifeld had dinner with some large institutional investors on Monday, and his impression was that most of them supported Nasdaq's offer, the article said.
Borse Dubai on Friday bid 230 crowns for OMX, which as of 5:31am New York time on Tuesday was trading at 237.50 crowns. Nasdaq's bid is currently valued at 205.5 crowns per share.
Borse Dubai is a holding company for the Dubai government's stakes in Dubai Financial Market and the Dubai International Financial Exchange.