Nasdaq and ICE line up funds for exchange bid

Nasdaq OMX Group and Intercontinental Exchange Inc lined up financing for their $11.3bn (£6.9bn) bid for the New York Stock Exchange’s parent and offered to pay a $350m fee should the proposed deal be rejected by regulators.

By The Newsroom

Published 20th Apr 2011, 07:00 BST

The move seeks to address two concerns raised by NYSE Euronext, whose board unanimously rejected the unsolicited bid in favour of a friendly one by Germany’s Deutsche Boerse AG valued at $10.2bn.

Nasdaq chief executive Robert Greifeld and ICE CEO Jeffrey Sprecher said in a joint statement yesterday they hope the board will engage in talks now they have submitted a proposed merger agreement.

The two executives criticised NYSE’s board for rebuffing their offer last week without discussions. Representatives for NYSE Euronext in Paris and Deutsche Boerse declined to comment.

Nasdaq and ICE said they have lined up financing commitments of $3.8bn from banks and offered to pay NYSE $350m if the deal fails to get through antitrust scrutiny.

Germany Representatives