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NYSE Euronext Launches Bid For Euronext Shares

NYSE Euronext launched on Thursday an exchange offer for all outstanding shares of pan-European bourse operator Euronext after U.S. securities regulators approved its transatlantic merger.

The share offer runs from Feb. 15 to March 21 and will be settled on April 4, Euronext said in a statement.

Euronext, which operates the Paris, Amsterdam, Brussels and Lisbon bourses and the Euronext.Liffe derivatives market, is merging with New York Stock Exchange operator NYSE Group to create the first transatlantic bourse.

Under the terms of the merger deal with NYSE, the combined group offered 0.98 new NYSE Euronext shares plus 21.32 euros in cash for each Euronext share.

The U.S. Securities and Exchange Commission approved the proposed $14 billion merger on Wednesday.

The widely anticipated approval allows both Euronext and the NYSE Group to be wholly owned subsidiaries of a new publicly traded holding company, NYSE Euronext.

The London Stock Exchange, after the Nasdaq Stock Market Inc.'s failed hostile bid, has said it is seeking alliances with other bourses, including Tokyo and possibly forging an alliance with the NYSE Euronext.