German exchange operator Deutsche Boerse AG (DB1.XE) Tuesday said 34.55% of its shares had been tendered by Tuesday afternoon as part of the proposed merger with rival exchange operator NYSE Euronext (NYX), up from 22.70% late Monday.

Investors in Deutsche Boerse have until 2200 GMT Wednesday 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.

By 1400 GMT Tuesday, the offer had been accepted by holders of 67.38 million Deutsche Boerse shares, up from 44.26 million Monday.

Under German takeover law, shareholders of Deutsche Boerse have up to 12 weeks to tender their shares following the publication of the documents. If at least 75% of the shares have been tendered toward the end of the period, there will be an additional two-week tender period, probably from July 20 through 2200 GMT on Aug. 2, Deutsche Boerse has said.

Last week, NYSE Euronext won backing from around two-thirds of shareholders and about 96% of votes cast.

-By Frankfurt Bureau, Dow Jones Newswires; +49 69 29725 500; djnews.frankfurt@dowjones.com

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