> The battle to consolidate the world's stock exchanges intensified, > as the New York Stock Exchange made a proposal to link up with Euronext > NV, one of Europe's biggest stock-market operators, even as Germany's > main market operator scrambled to prevent such a deal. > > People familiar with the situation said Euronext has indicated that > it favors NYSE as a merger partner over German suitor Deutsche Borse AG. (snip)
> The NYSE proposal, finalized over the weekend, calls for combining with > Euronext through a stock swap, forming a company with a market value of > more than $20 billion. > > Holders of Euronext ordinary shares will be offered the right to exchange > each of their shares for 0.980 shares of NYSE Euronext stock and 21.32 euro > in cash. The transaction is based on a fixed ratio of 1.4000 shares of > the combined company for each Euronext ordinary share, with 30% of the > aggregate consideration paid in cash.
> A bidding war erupted for Euronext as Deutsche Bse lobbed an offer > valued at about $9 a share more than the competing offer placed by > the NYSE earlier in the day. The NYSE bid, at $88.66 a share, was > endorsed by Euronext.