Nasdaq to continue integration planning for OMX merger
NEW YORK (Reuters) - The Nasdaq Stock Market Inc (NDAQ.O) will continue to conduct integration meetings and planning for its proposed merger with Nordic bourse operator OMX AB OMX.ST, Chief Executive Officer Bob Greifeld said on Friday.
"We continue to conduct our integration meetings as planned and to move forward with our integration planning process," Greifeld said in a letter to Nasdaq associates, a copy of which was filed with the U.S. Securities and Exchange Commission.
Nasdaq agreed to buy OMX in May for $3.7 billion.
The state-owned Borse Dubai said earlier this week it bought 4.9 percent of OMX and had agreements to buy an additional 22.5 percent, which may draw Nasdaq into a bidding war.
The Dubai exchange's offer of 230 Swedish crowns for each OMX share is about 15 percent higher than Nasdaq's cash-and- stock offer of 208 Swedish crowns per OMX share.
"Nasdaq remains fully committed to its recommended offer for 100 percent of OMX," Greifeld said earlier.
He also said the merger will offer shareholders more value than any combination with the Dubai exchange.
A merger between Nasdaq and OMX will give the U.S. exchange a foothold in the European stock and options markets.
The two exchanges are also expected to benefit from technological synergies.
(Reporting by Anupreeta Das)
