NYSE Euronext says it is sticking to its merger deal with Deutsche Boerse and rejecting a higher takeover bid from the Nasdaq.
The NYSE board called the rival offer “strategically unattractive” and too risky and said it does not fit their vision for the future.
Nasdaq – which made the offer with partner IntercontinentalExchange – now has to decide whether to appeal directly to NYSE shareholders, raise its bid, or give up.
NYSE Euronext Chief Executive Duncan Niederauer criticised Nasdaq’s unsolicited bid as hollow and undefined, saying it would unacceptably carve up his trans-Atlantic exchange operator.
“It’s hard to call it an offer because it’s a loosely worded proposal that was, in our minds, an empty vessel,” he said.