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Nasdaq, ICE Top Deutsche With $11.3B Bid For NYSE

Law360 (April 1, 2011, 4:14 PM EDT) -- Nasdaq OMX Group Inc. and IntercontinentalExchange Inc. said Friday they had made a joint proposal to acquire Big Board exchange owner NYSE Euronext in an $11.3 billion cash and stock deal, overshadowing Germany-based Deutsche Boerse AG's all-stock bid.

The hostile bid, delivered Friday in a letter to the board of NYSE Euronext, represents a 19 percent premium over the price proposed by Deutsche Boerse, the U.S. exchanges said, adding that such a "unified U.S. equities market would ensure that the U.S. is better able to compete...
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