Nasdaq's Big Yawn

Nasdaq announced its much anticipated exchange offer for the New York Stock Exchange on Monday, but it didn’t change the terms of its offer in any way…leaving many with a big yawn.

Oliver Quilla for CNBC.com

The offer will be filed “during May,” but from this point on Nasdaq’s efforts to acquire NYSEEuronext seem likely to become a sideshow, with the main show being the July 7 vote of NYSE shareholders on its current deal to be acquired by Deutsche Boerse.

After a decent quarter and significant slump in its share price, DB has started to see its stock come back to life.

Also a help has been the surge in the euro against the dollar, making DB’s deal worth a bit more almost every day. While it still seems a stretch to expect that DB will increase its offer prior to the July 7 vote (DB is expected to officially launch the bid any day, giving it ten weeks from launch to put it to a vote of its own shareholders) if the stock keeps creeping up, that vote may be too close to call.

And while Nasdaq will have put its exchange offer in place along with financing and a reverse break-up fee, it may still be left with having to find a way to offer even more.

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