The NASDAQ would acquire its stock exchanges and U.S option business and so the ICE would purchase many of the valuable derivatives business of NYSE under the proposal. Karl Morris an analyst at Keefe Bruyette&woods in London said that it is a bold move from ICE and NASDAQ and the premium they are paying is high enough. It is a wonder that Deutsche Boerse is going for this and it will be a struggle for them to lift their bid to match. The details of working of the deal have not yet been worked out. Robert Griefel the chief executive of NASDAQ said in a conference call that the board and the management of directors have not yet been determined. ICE and NASDAQ said that a group of banks which are led by Wells Fargo and Bank of America is prepared to arrange 3.8 billion dollars of financing for the cash portion of the deal. The shares of the Deutshe Boerse were down by 1 percent in Frankfurt and the shares of NYSE jumped about 11.6 percent to 39.26 dollars. The shares of the International Exchange slipped 4 percent to 118.62 dollars in morning trade and the shares of NASDAQ rose 1.8 percent to 26.30 dollars.
By: Teni Sow | Senior Editor at Tambapress.com and Regular Contributor to Presspresser.com