Business

Nasdaq, ICE taking $11 billion offer directly to NYSE shareholders

Nasdaq OMX Group Inc. and IntercontinentalExchange Inc. said Monday they will take their bid for NYSE Euronext Inc. directly to shareholders after being rebuffed twice by the exchange.

Nasdaq and ICE value the offer at around $11 billion total. Nasdaq is offering $14.24 cash along with 0.4069 shares of Nasdaq stock and 0.1436 shares of ICE stock for each share of NYSE.

NYSE agreed to an acquisition by Deutsche Boerse AG in February.

“The board of NYSE Euronext has twice rejected our superior proposal without meeting with us, despite the fact that their existing merger agreement with the Deutsche Boerse allows them to talk with us,” said ICE Chairman and CEO Jeffrey Sprecher in a statement.

To read more, go to MarketWatch.com.