The Financial Times
The Financial Times’ Philip Stafford speaks to GreySpark managing partner, Fred Ponzo, about the fresh approach by Nasdaq OMX and IntercontinentalExchange to buy NYSE Euronext, incorporating a a $350m reverse break fee into their offer.
GreySpark analyses this latest move in the exchanges consolidation saga. Ponzo maintains that this is a committed offer, with Nasdaq OMX / ICE staking their future with this bid. He goes on to say that the industrial rationale for the Deutsche Börse and NYSE Euronext merging is stronger, particularly looking at the potential derivatives business it could create. From a shareholders short term standpoint, the Nasdaq bid is strong, however from a long term perspective the NYSE Euronext bid should prevail.