Nasdaq and ICE going straight to NYSE shareholders

By Hibah Yousuf, staff reporter


NEW YORK (CNNMoney) -- Nasdaq OMX and IntercontinentalExchange said Monday that they plan to take their $11.3 billion offer for NYSE Euronext directly to the shareholders.

The NYSE has twice rejected proposals by the rival exchanges, reiterating its plans to merge with Germany's Deutsche Boerse in a deal valued at $10 billion.

Last month, Nasdaq and ICE sweetened their offer with a $350 million 'reverse termination fee,' but the NYSE still wasn't interested.

Monday's move came after NYSE Euronext's stockholders reportedly bombarded the exchange's top executives at last week's annual shareholder meeting with angry questions about its rejection of the rival takeover bid.

"While we are hopeful that the Board will decide to consider this transaction, we are taking our proposal to NYSE Euronext stockholders ... to provide the opportunity to consider our proposal directly," said ICE Chief Executive Jeffrey Sprecher in a statement.

Nasdaq OMX CEO Bob Greifeld reiterated the sentiment, adding that he hopes the NYSE Euronext board is convinced of the "seriousness of our intentions."

NYSE Euronext's (NYX, Fortune 500) stock rose more than 1% in afternoon trading, while shares of Nasdaq OMX (NDAQ) slipped 0.2% and shares of ICE (ICE) fell 1.8%.

In a statement released after the closing bell Monday, NYSE Euronext said that the offer from Nasdaq and ICE was "the same as previously proposed" and that the bid had already been "unanimously rejected."

Last month, NYSE chairman Jan-Michiel Hessels said the "proposal does not provide compelling value, has unacceptable execution risk and is therefore not in the best interests of NYSE Euronext shareholders." To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 16,399.67 19.26 0.12%
Nasdaq 4,316.07 57.63 1.35%
S&P 500 1,904.01 17.25 0.91%
Treasuries 2.18 -0.02 -0.82%
Data as of 10:21pm ET
Company Price Change % Change
Apple Inc 99.76 2.09 2.14%
Bank of America Corp... 16.26 0.05 0.31%
Pfizer Inc 27.93 0.10 0.36%
Facebook Inc 76.95 1.00 1.32%
Microsoft Corp 44.08 0.45 1.03%
Data as of 3:32pm ET

Sections

Better-than-expected iPhone sales and record Mac sales lifted Apple in its fiscal fourth quarter. More

The Fed official overseeing Wall Street says things need to change, and if the risky culture isn't turned around, it may be time to break up the big banks. More

In three years, all Chicago high school students will have to take a coding course in order to graduate. More

Host a furniture market. Here's how small town High Point, N.C. rakes in this much money -- twice a year. More

Detroit has 80,000 dilapidated properties and 100,000 empty lots. It's trying to get more people like Antjuan Wyatt to buy them. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.