NYX Nyse Euronext

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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