Borse Dubai, owner of the emirate’s two stock exchanges, offered 27.7 billion kronor ($3.96 billion) for Sweden’s OMX AB, topping a bid from Nasdaq Stock Market Inc, Bloomberg reports. However, OMX Chairman says Borse Dubai’s bid was not more attractive.
The proposal of 230 kronor in cash, outlined in a statement by Dubai Borse, would pay OMX investors 14 percent more than the 202.3 kronor in cash and stock Nasdaq offered in May. Dubai said it already controls 28.4 percent of Stockholm- based OMX, the biggest Nordic exchange.
Nasdaq Chief Executive Officer Robert Greifeld, who needs about $355 million to top Dubai’s bid, said in a statement the New York-based exchange has the financial wherewithal to alter its offer.
However, OMX Chairman Urban Backstrom said Borse Dubai’s all-cash bid was not more attractive than Nasdaq’s share-and-cash bid and called it hostile.
“It is clear that Borse Dubai does not care about OMX board’s view, and therefore the bid must be seen as hostile,” says Backstrom.
Backstrom said the industrial synergies from the Nasdaq offer were higher than any from Borse Dubai, though OMX had yet to decide which bid to back.