Borse Dubai submits offer for OMX

The United Arab Emirates group Borse Dubai on Friday submitted an offer to acquire the Nordic market operator OMX to financial authorities in Sweden, the Swedish market regulator FI said.

The FI added that it now had three months to complete its review of the offer.

Borse Dubai is competing with US market operator Nasdaq to buy OMX, which operates exchanges in Copenhagen, Stockholm, Helsinki, Reykjavik, Riga, Tallinn and Vilnius.

Borse Dubai has offered $3.97 billion for OMX, 13.7 percent higher than a rival bid by Nasdaq, which has the backing of OMX management.