Borse Dubai outbids Nasdaq for Nordic exchange OMX at $3.98 billion

17 August 2007

Mumbai: Borse Dubai has launched a $4-billion cash offer for Nordic exchange owner OMX, trumping US exchange Nasdaq's $3.7 billion bid, in a move that could force Nasdaq to make a higher counter offer. (See: Nasdaq's bid for Sweden's OMX faces Dubai challenge)

Borse Dubai's $3.96 billion takeover bid for OMX values the Swedish exchange at 230 crowns per share or 27.7 billion crowns ($3.98 billion).

The Dubai-based exchange had already acquired a 27.4 per cent stake in the Nordic exchange operator earlier this month. The offer price of 230 Swedish crowns represents a 14 per cent improvement on Nasdaq's offer of 208.1kr a share for OMX.

Borse Dubai, the owner of the Dubai stock exchange, said it would accelerate the Scandinavian stock exchange group's expansion in fast-growing markets.

The purchase would "provide members, issuers, institutional and retail investors with access to new opportunities in growth markets" and give "access to one of the largest liquidity pools in the world," Borse Dubai said.