OMX recommends Dubai's $4.99B bid
The board of Nordic stock exchange operator OMX AB on Wednesday said it had unanimously recommended Borse Dubai's $4.99 billion cash offer for the company.
Subsequent to the agreement, Nasdaq Stock Market Inc will buy all of Borse Dubai's shares in OMX, through a combination of cash and new Nasdaq shares.
OMX chairman Urban Backstrom said the OMX and Nasdaq combination would "create a new leader in the exchange industry, establish a strong platform for future growth and reinforce the Nordic and Baltic region as a financial center."
The move -- linking trading centers in the U.S., Europe and the Middle East -- would provide members, issuers and all other market participants with considerable opportunity in the changing global capital markets, he said in a statement.
"The Borse Dubai offer and the agreed, subsequent acquisition of OMX shares by Nasdaq is also attractive to our shareholders," Backstrom added.
On September 20, Nasdaq and Borse Dubai settled their long battle for OMX in a deal that will eventually see Nasdaq take over the Stockholm-based company. ( AP )