11 Apr 2011

Stock market take-over bid rejected

1:04 pm on 11 April 2011

The board of NYSE Euronext has rejected an unsolicited take-over bid by Nasdaq OMX and IntercontinentalExchange, and re-iterated its plan to merge with Deutsche Boerse of Germany.

NYSE Euronext says the directors found the $US11.3 billion bid from Nasdaq and ICE unattractive.

The parent of the New York Stock Exchange also says the 'friendly' $US10.2 billion takeover bid from Deutsche Boerse is in shareholders' long-term interest and more likely to be completed.

A merger would create the world's biggest financial exchange.