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Nasdaq takes over OMX for 3.7 billion dollars
POSTED: 11:15 a.m. EDT, May 26,2007
The NASDAQ Stock Market, Inc. (Nasdaq) bought Nordic stock exchange operator OMX AB (OMX) for 3.7billion U.S. dollars on Friday.

In a joint announcement release on Friday, Nsadaq and OMX said they have entered into an agreement to combine the two companies, creating the world's premier exchange and technology company.

The new group is to be called the Nsadaq OMX Group.

The combination will be effected through a cash and stock tender offer by Nasdaq for all outstanding shares in OMX.

The consideration offered is equivalent to 0.502 new Nasdaq shares plus 13.76 dollars in cash for each OMX share. Based on Nsadaq's closing price on 23 May, 2007, the offer values OMX at 30.38 dollars per share, equivalent to 3.7 billion dollars and represents a premium of 19 percent to the last full trading day prior to the announcement.

"The future of exchanges is about technology, flexibility and scale. This combination provides our organizations with the ability to grow and accelerate the global flow of equity capital. At the same time, it provides us with an excellent platform for further expansion into derivatives and other asset classes," said Robert Greifeld, chief executive officer of Nasdaq.

"This combination creates a new leader in the exchange industry.Issuers, members, information vendors and investors on both Nasdaq and OMX Nordic Exchange will all benefit from its new global context," commented Magnus Bocker, CEO of OMX.

Found in 1985, OMX merged with Stockholm Stock Exchange in 1998,then combined with Copenhagen Stock Exchange and Iceland Stock Exchange respectively in 2005 and 2006.

The pro forma market capitalization of the Nsadaq OMX group will be approximately 7.1 billion dollars, of which Nasdaq shareholders will own approximately 72 percent and OMX shareholders will hold approximately 28 percent as a result of the cash component of the Offer.

The combined group will be governed by representatives from both Nsadaq and OMX under the leadership of Robert Greifeld, who will serve as CEO and Magnus Bocker, who will serve as president.

The deal came a month after the New York Stock Exchange completed its 14 billion dollars acquisition of Euronext, which operates the Paris, Amsterdam, Brussels, and Lisbon stock exchanges.

Nasdaq, which failed in bid for the London Stock Exchange, is also in talks to buy the U.S. third-largest options exchange, Philadelphia Stock Exchange.

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