ICE, Nasdaq Retain Innisfree M&A To Back NYSE Push
01 Aprile 2011 - 10:39PM
Dow Jones News
Nasdaq OMX Group Inc. (NDAQ) and IntercontinentalExchange Inc.
(ICE) have retained a high-profile proxy firm to press the merits
of their joint plan to buy NYSE Euronext (NYX), according to three
people familiar with the situation.
The two exchanges have retained Innisfree M&A, which ran the
2007 proxy battle waged by ICE in its unsuccessful effort to break
up an agreed bid for the Chicago Board of Trade by the Chicago
Mercantile Exchange, now known as CME Group Inc. (CME).
ICE and Nasdaq OMX on Friday launched an unsolicited offer that
tops the terms of the Big Board operator's agreed-to merger with
Deutsche Boerse AG (DB1.XE, DBOEF). Jeff Sprecher, chairman and
chief executive of ICE, said Friday that he planned to learn from
the CBOT loss and listen closely to shareholders.
NYSE Euronext in a statement Friday urged shareholders "not to
take any action with respect to the proposal" from Nasdaq OMX and
ICE, while its board reviews proposed terms.
In a notice to customers and issuers reviewed by Dow Jones, NYSE
Euronext CEO Duncan Niederauer said his company remains "committed"
to the agreed-upon deal with Deutsche Boerse while the NYSE
Euronext board reviews the new proposal from ICE and Nasdaq.
Those two exchanges are touting greater synergies and better
prospects for growth in splitting NYSE's securities-linked and
futures businesses, over the combination of NYSE Euronext with
Deutsche Boerse.
Representatives of ICE had no immediate comment.
-By Jacob Bunge, Dow Jones Newswires; 312-750-4117;
jacob.bunge@dowjones.com
--Gina Chon contributed to this article.
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