UPDATE: Deutsche-NYSE Outcome May Be Known July 15 - Sources
08 Luglio 2011 - 10:20PM
Dow Jones News
Deutsche Boerse AG (DB1.XE, DBOEF) and NYSE Euronext (NYX) may
not know until July 15 the final outcome of a critical shareholder
decision on the exchange groups' merger plan, according to people
familiar with the situation.
Investors in Deutsche Boerse have until 2200 GMT on July 13 to
tender shares in favor of the plan, but a formal announcement may
come two days later, after votes sent by mail have been
tabulated.
The $24.6 billion tie-up passed one test Thursday when NYSE
Euronext shareholders approved the deal. Two-thirds of all
outstanding shares participated in the vote.
Deutsche Boerse Chief Executive Reto Francioni and his NYSE
Euronext counterpart, Duncan Niederauer, are focusing efforts on
the German company's shareholder base. Under German securities law,
they need to win backing from 75% of its stockholders to advance
the pact struck in mid-February that would give Deutsche Boerse
investors 60% of the enlarged company and create the world's
largest exchange operator.
"We're confident, but not complacent," said Lawrence Leibowitz,
NYSE Euronext's chief operating officer, in an interview with CNBC
Friday.
Deutsche Boerse would likely make an immediate announcement if
it passes the 75% hurdle before the July 13 closing date, though
the bulk of votes in such tenders typically come in the final
day.
"That's typical in these German tender [offers]," Leibowitz said
on CBNC. "It's a lot of work to get the vote out and there are a
lot of mechanics involved."
Deutsche Boerse has begun releasing daily updates on the level
of stock tendered in favor of the deal, and about 15.5% have so far
backed it, according to documents filed late Friday.
Investors in Deutsche Boerse must tender their shares in the
offer to receive a promised special dividend of EUR2 per share that
would be paid out upon the merger's completion.
If at least three quarters of the shares have been tendered by
the end of the current period--approving the NYSE deal--an
additional two-week tender period could follow, likely running from
July 20 to August 2, Deutsche Boerse has said.
-By Jacob Bunge, Dow Jones Newswires; 312-750-4117;
jacob.bunge@dowjones.com
--William Launder contributed to this article.
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