Nasdaq launches friendly bid for Nordic OMX stock exchange
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The all-electronic US stock exchange Nasdaq is to buy OMX, which operates seven Nordic and Baltic exchanges, in an agreed takeover operation, OMX said in Stockholm on Friday.
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(InfoWorld) - The Nasdaq Stock Market's efforts to buy the London Stock Exchange PLC is another milestone in globalization, and touches the world of IT. As exchanges merge and increase the fluidity of funds globally, a new world of competitive options open. The Nasdaq's latest bid, launched Nov. 20, to buy the part of the LSE it doesn't already own for Â£2.7 billion ($5.1 billion) is poignant in its historic and political overtones. The Nasdaq tapped technology to match buyers and sellers -- starting with simple bulletin boards -- and helped revolutionize trading over the last 20 years. As world class IT companies like Microsoft and Oracle went public on the Nasdaq, the exchange rode the computerization of modern life to great success. Most exchanges have adopted some form of electronic trading, including Nasdaq archrival the New York Stock Exchange (NYSE Group Inc.) and the LSE itself. Exchanges have unique advantages and retain distinct personalities, however. Linux vendor Red Hat Inc., for example, will move from the Nasdaq to the NYSE Tuesday. "The New York Stock Exchange has much stronger global recognition, and we're looking for a global branding image," said Linda Brewton, Red Hat manager of investor relations. She also noted that even though the NYSE has adopted electronic trading, trading is still done under live market specialists and that this reduces share-price volatility. The LSE, which traces its history back some 300 years, has rejected Nasdaq's bid, claiming it undervalues the exchange. The mercurial mayor of London, Ken Livingstone, is also on the case. Last week he asked the U.K.'s Office of Fair Trading to investigate, claiming that the acquisition would eliminate competition to U.S. markets for international company listings. Livingstone also echoed the concerns of many Europeans, that as U.S. exchanges merge with European markets, tighter U.S. regulations would hamper Europe's growing market competitiveness. This last issue has also caused bumps in the NYSE's deal to merge with the Euronext NV exchange. Nasdaq, having already bought about 29 percent of the LSE earlier this year, is appealing to shareholders. Nasdaq Chief Executive Officer Robert Greifield apparently believes the exchange needs the merger to compete. The merging of exchanges and the broader, growing numbers of mergers and acquisitions that IT companies are involved in are part of the same phenomenon, according to according to Eric Gebaide, managing director of Innovation Advisors, a New York investment firm. "It's a manifestation of the globalization of financial markets," Gebaide said. "That in turn is a precursor of the globalization of technology." When companies in Europe and Asia enjoy the same sort of availability of capital U.S. companies have, it can lead to greater competition for U.S. companies. However, U.S. companies can also take advantage of the new era of capital. For example, U.S. companies looking to efficiently use capital now have access to alternative local financing for offshore ventures, Gebaide notes. In the new global market, companies can even go public with offshore ventures, he suggests. The Nasdaq bid will probably play out into 2007. The offer to shareholders can be extended to 60 days, and the Nasdaq can still buy LSE shares on the open market. But no matter how it ends, the internationalization of capital markets will continue to have a profound impact.
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Nasdaq  may sell its stake in the London Stock Exchange  to Borse Dubai and make a joint bid with the Gulf exchange for Nordic exchange owner OMX , The Daily Telegraph said on Monday.
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LONDON -- Nasdaq launched a $5.3 billion hostile bid for the London Stock Exchange yesterday. It needs just a fifth of the London exchange's shareholders to say yes before it can take control.
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Nasdaq, the US firm which tried to buy the London Stock Exchange, offers to take over a Swedish rival for $3.7bn.
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Nasdaq and Borse Dubai said Wednesday they raised their bid for Sweden's OMX exchange by 15 percent to $4.9 billion and entered agreements with key shareholders to secure nearly half of OMX shares.
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The Nasdaq Stock Market's efforts to buy the London Stock Exchange PLC is another milestone in globalization, and touches the world of IT. As exchanges merge and increase the fluidity of funds globally, a new world of competitive options open.
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Sweden&#39;s government will review a  proposed $3.7 billion takeover of Nordic bourses owner OMX   by Nasdaq  over worries companies could be  forced to operate under U.S. stock market rules, an official  said on Wednesday.
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The board of Nordic and Baltic stock exchange operator OMX on Wednesday advised shareholders to accept a bid from Emirates-based Borse Dubai and a subsequent planned acquisition by Nasdaq.
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The owner of Dubai stock exchange is  preparing an offer for Nordic stock market group OMX ,  rivaling the proposed $3.7 billion merger between OMX and U.S.  group Nasdaq , Telegraph.co.uk reported on Sunday.
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LONDON/NEW YORK  - Nasdaq  launched its 2.7 billion pound ($5.3 billion) hostile bid for the London Stock Exchange  on Tuesday, needing just over a fifth of LSE shareholders to accept for it to take control of the bourse.
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STOCKHOLM/DUBAI  - Nasdaq  and Borse Dubai, aiming to muscle out potential rival bidders, boosted an offer for OMX to $4.9 billion on Wednesday and pushed close to a majority stake in the Nordic exchange group.
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Nordic market operator OMX looked set Thursday to become the centre of takeover bidding battle between Gulf rivals Dubai and Qatar.
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LONDON/NEW YORK  - The Nasdaq Stock Market  plans on Friday to announce that it has agreed to buy Nordic bourse owner OMX  as it expands beyond the U.S. market, according to sources familiar with the situation.
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Sweden's government will review a proposed takeover of Nordic bourses owner OMX  by Nasdaq  over worries companies could be forced to obey U.S. stock market rules, an official said on Wednesday.
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Nasdaq and Borse Dubai increased an offer for the OMX Group to $4.9 billion yesterday and push close to acquiring a majority stake in the Nordic exchange group.
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OMX&#39;s  founder said a merger  with Nasdaq  would strengthen the market for Nordic  shares, though a rival offer from Borse Dubai offer also needed  to be seriously considered.