Securities Law Prof Blog

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

Thursday, April 28, 2011

Shareholders at NYSE Euronext Annual Meeting: Talk to NASDAQ/ICE

The much-anticipated annual meeting of NYSE Euronext was held today, and, as expected, many shareholders wanted to know why the board didn't want to meet with unwelcome suitors NASDAQ/ICE about their bid.  According to Chairman Jan-Michel Hessels, the board saw "no reason to meet with them."  The shareholders reelected the directors by an estimated 80% approval; before the meeting, some suggested that an approval rate of 70-75% would indicate shareholder dissatisfaction.  Shareholders also adopted a provision that would allow shareholders holding 10% of the common shares to call a special meeting.

A special meeting to vote on the Deutsche Boerse merger proposal is scheduled for July 7.

WSJ, NYSE Shareholders: Talk to Nasdaq and ICE

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