US clears way for Dubai-Nasdaq OMX bid
AFP · 1 Jan 2008, 08:33
Published: 01 Jan 2008 08:33 GMT+01:00
As a result of the approval by the Committee on Foreign Investment, Nasdaq said it has formally withdrawn its stand-alone offer for OMX, and that it supports Borse Dubai's all-cash 265 kronor (49.95 dollars) per share offer for Stockholm's OMX.
Once Borse Dubai owns at least 67 percent of the shares of OMX, it will transfer all OMX shares it owns to Nasdaq. At the same time, Borse Dubai will make a minority investment in Nasdaq and Nasdaq will make a minority investment in Dubai International Financial Exchange.
Borse Dubai is the holding company for Dubai International Financial Exchange and Dubai Financial Market.
The cash offer by Borse Dubai values OMX at 32 billion kronor (4.9 billion dollars).
OMX operates exchanges in Copenhagen, Stockholm, Helsinki, Reykjavik, Riga, Tallinn and Vilnius.