Nasdaq Might Make a Counter Bid for NYSE
The floor of the New York Stock Exchange.
Updated at 7:30 PM EST on Tuesday, Mar 15, 2011
Nasdaq OMX, the parent company of the Nasdaq Stock Market, has moved closer to making a competing bid for the New York Stock Exchange, according to a published report.
The Wall Street Journal, citing people familiar with the matter, reported that Nasdaq was in talks with banks including Bank of America Corp. to line up financing for a bid that could include up to $5 billion in debt. The proposal could come within 48 hours.
Nasdaq is counting on the Atlanta-based derivatives market Intercontinental Exchange Inc. to purchase the parts of NYSE's parent — NYSE Euronext — that Nasdaq can't afford.
Deutsche Boerse, the owner of the Frankfurt stock exchange, has said it will buy NYSE Euronext for about $10 billion
Nasdaq OMX Group Inc. and InterContinental Exchange declined comment.
Copyright Associated Press / NBC New York