Dubai bids for OMX

The Dubai stock exchange has made a bid for Swedish stock market operator OMX. The bid is worth 230 kronor per share, or a total of 27.7 billion kronor, according to Reuters.

Borse Dubai has made the bid conditional on agreement from shareholders owning at least 90 percent of OMX. It is not yet known whether US stock market Nasdaq, which had previously offered 210 kronor per share, will now consider revising its bid.

Recent stock market fluctuations have meant that Nasdaq’s bid, which is partly made up of its own shares, is now worth 198 kronor per share.

Should OMX accept the Dubai bid, the Swedish state stands to make a quarter of a billion kronor more than it would from a Nasdaq takeover. The state currently owns 6.6 percent of the shares in OMX.

Nasdaq has so far indicated that it intends sticking to its bid and is advising OMX’s shareholders to pledge their support. The American company’s view is that its bid will be more beneficial to OMX in the long term.

Ahead of his trip to Stockholm next week, however, Nasdaq CEO Bob Greifeld did speak of the company’s “structural flexibility” with regards to closing the deal.

Dubai Borse currently controls 28.4 percent of the shares in OMX.

In a statement released to the press the board of OMX said that it “will consider the Borse Dubai offer as compared to the Nasdaq offer and will update shareholders in due course”.