Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Sunday, April 3, 2011

NYSE Will Review NADAQ-ICE Proposal "Consistent with its Fiduciary Duties"

NYSE Euronext confirmed on April 1 that it received an unsolicited proposal from Nasdaq OMX Group, Inc.  and IntercontinentalExchange Inc. to acquire all outstanding shares of NYSE Euronext for a combination of $14.24 in cash, 0.4069 shares of Nasdaq stock and 0.1436 shares of ICE stock per NYSE Euronext share.  According to the release,

Consistent with its fiduciary duties, and in consultation with its independent financial and legal advisors, NYSE Euronext’s Board will carefully review the proposal. NYSE Euronext urges shareholders not to take any action with respect to the proposal.

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