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OMX Board Recommends Borse Dubai Bid

The board of Nordic stock exchange operator OMX on Wednesday said it unanimously recommended Borse Dubai's 32 billion kronor (3.39 billion euros; $4.99 billion) cash offer for the company.

Subsequent to the agreement, NasdaqStock Market will buy all of Borse Dubai's shares in OMX, through a combination of cash and new Nasdaq shares.

OMX Chairman Urban Backstrom, said the OMX and Nasdaq combination will "create a new leader in the exchange industry, establish a strong platform for future growth and reinforce the Nordic and Baltic region as a financial center."

The move linking trading centers in the U.S., Europe and the Middle East will provide members, issuers and all other market participants with considerable opportunity in the changing global capital markets, he said in the statement.

"The Borse Dubai offer and the agreed, subsequent acquisition of OMX shares by Nasdaq, is also attractive to our shareholders."

On Sept. 20, Nasdaq and Borse Dubai settled their long battle for OMX in a deal that will eventually see Nasdaq take over the Stockholm-based company.