NYSE Board Rejects Nasdaq Merger Bid

NEW YORK CITY-The NYSE Euronext board of directors has voted to reject the $11.3-billion bid for the company by Nasdaq OMX and IntercontinentalExchange Inc., which would have kept Manhatttan as the combined company’s base. In a release issued Sunday, NYSE Euronext says the Nasdaq/ICE offer, which tops the previously announced $9.5-billion merger agreement with Frankurt-based Deutsche Boerse AG, would lead to the breakup of NYSE Euronext, owner of the New York Stock Exchange.

The decision to stick with the NYSE Euronext/Deutsche Boerse agreement is consistent with the long-term strategy the NYSE Euronext board adopted in 2009, according to the release. It will position the combined company to be “the leading global exchange operator” while creating “substantially more long-term value” for shareholders, the release states. It is also more likely to close than the Nasdaq/ICE deal would have been, according to the release.