NYX Nyse Euronext

Deutsche Boerse AG (DB1.XE, DBOEF) said Sunday that it had received a second fairness opinion from advisers supporting the existing terms of its planned combination with NYSE Euronext (NYX).

The German exchange operator's executive and supervisory boards said the opinions delivered by three banks on May 9 underpinned their recommendation for the planned deal ahead of shareholder votes in July. J.P. Morgan Chase & Co., Deutsche Bank AG and Credit Suisse Group reaffirmed that the exchange ratio giving 60% of the enlarged company to Deutsche Boerse shareholders was fair to them "from a financial point of view."

NYSE Euronext, whose holders would receive 40% of the enlarged group--a 10% premium to the undisturbed price before the plan was announced--said Sunday that its original fairness opinion stands. The fairness opinions do not preclude a sweetening of the terms offered by Deutsche Boerse.

The two companies have in recent days played down suggestions they may amend the deal in the face of the competing hostile counter-proposal from Nasdaq OMX Group Inc. (NDAQ) and IntercontinentalExchange Inc. (ICE). NYSE Euronext has twice rejected the plan and declined to hold talks with the rival suitors.

The terms of the Nasdaq/ICE plan retains a price premium of close to $1 billion, but Deutsche Boerse and NYSE have boosted their estimates of expected cost and revenue synergies, which now exceed those pledged by the rival offer. Both plans face significant scrutiny from antitrust officials on both sides of the Atlantic. For the deal to go through, 75% of Deutsche Boerse shareholders have to tender their shares by July 13, while NYSE needs a 50% majority and a formal vote on the deal at its July 7 shareholder meeting.

   -By Eyk Henning, Dow Jones Newswires; +49 69 29725501; 
   eyk.henning@dowjones.com 
   --Doug Cameron contributed to this article. 

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