Nasdaq OMX: 'No Assurances' Received From DOJ On NYSE Plan
12 Maggio 2011 - 12:13AM
Dow Jones News
Nasdaq OMX Group Inc. (NDAQ) said late Wednesday that it has
received "no assurances" from the Department of Justice regarding
Nasdaq's proposed takeover of NYSE Euronext (NYX), and that its
chief executive's comments on the antitrust review reflected his
own views.
The statement followed a Tuesday presentation to investors by
Nasdaq OMX CEO Bob Greifeld, where he said potential remedies that
could arise from the antitrust review likely wouldn't affect the
planned business model of a combined Nasdaq-NYSE.
"Nasdaq OMX makes no comment on the specifics of these
discussions or how they are progressing, has received no assurances
from the Department of Justice as to the timing or outcome of the
review," the company said in Wednesday's statement. "Comments made
by Nasdaq OMX concerning the impact of potential remedies on Nasdaq
OMX are based solely upon the views of Nasdaq OMX."
The transatlantic exchange operator launched an unsolicited
proposal to buy the Big Board parent in April, backed by
Atlanta-based commodities specialist IntercontinentalExchange Inc.
(ICE). The Justice department last month initiated an antitrust
review of the proposal, which would bring nearly all U.S. stock
listings under a merged Nasdaq-NYSE.
The joint partners, which are offering a premium to NYSE
Euronext's agreed merger with Deutsche Boerse AG (DBOEF, DB1.XE),
are working to woo NYSE Euronext shareholders to their side.
Investors' chief concern has been seen as the regulatory risk of
merging NYSE Euronext's equities divisions with Nasdaq OMX, and the
potential for regulators to block such a deal.
NYSE Euronext investors are set to vote on the Deutsche Boerse
plan July 7, making for a short timeframe for Nasdaq OMX and ICE to
make their case.
Nasdaq's Greifeld said Tuesday that authorities in the Justice
department had set an "intense" pace for reviewing his
proposal.
"We expect there will be remedy discussions with the DOJ," he
said at the event. "We're sanguine in that these actions don't
change the business model we're looking at or the business model we
had in place before we launched the bid."
NYSE Euronext CEO Duncan Niederauer, whose deal with Deutsche
Boerse faces a lengthy review of its own in Europe, said at the
same event Tuesday that the merger partners were ahead of where he
expected to be with regulators on both sides of the Atlantic.
A spokeswoman for the Department of Justice declined comment on
Nasdaq's statement and the company's remarks Tuesday. She said the
agency's review of the bid is ongoing.
-By Jacob Bunge, Dow Jones Newswires; 312 750 4117;
jacob.bunge@dowjones.com
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