Wednesday, May 03, 2006
Euronext says no longer in talks with LSE after Nasdaq takes 15% in latter; Euronext still talking to DB and others
Euronext says no longer in talks with LSE after Nasdaq takes 15% in latter; Euronext still talking to DB and others
Story
Euronext said in light of the acquisition of a 15% stake in London Stock Exchange by The Nasdaq Stock Market, Inc., Euronext confirms that it is no longer in discussions with LSE regarding a possible offer for the company. An agenda item proposed by a shareholder is asking for a vote on the principle that a merger between Deutsche Boerse and Euronext is in the best interests of all the shareholders of Euronext. While this is certainly a serious option, the Supervisory and Managing Boards of Euronext firmly believe that they have a duty to their shareholders and other stakeholders to examine thoroughly all strategic options available to the Company. Active discussions with Deutsche Boerse and other parties are therefore continuing, with a view to identifying the most attractive and value creating transaction available. However, at this point it is not possible to provide shareholders with sufficient detail and clarity on key transaction issues to allow them to make an informed decision. Euronext is committed to pursuing discussions expeditiously, and to submitting as rapidly as possible the outcome of such negotiations to shareholders. In the meantime, Euronext is concerned not to restrict its flexibility during this period. Given the commitment of the Supervisory board to return to shareholders, Euronext is advising shareholders not to vote in favour of agenda item 10-b.
Source
Company press release(s)
Value
EUR 4,550m (LSE market cap)
Story
Euronext said in light of the acquisition of a 15% stake in London Stock Exchange by The Nasdaq Stock Market, Inc., Euronext confirms that it is no longer in discussions with LSE regarding a possible offer for the company. An agenda item proposed by a shareholder is asking for a vote on the principle that a merger between Deutsche Boerse and Euronext is in the best interests of all the shareholders of Euronext. While this is certainly a serious option, the Supervisory and Managing Boards of Euronext firmly believe that they have a duty to their shareholders and other stakeholders to examine thoroughly all strategic options available to the Company. Active discussions with Deutsche Boerse and other parties are therefore continuing, with a view to identifying the most attractive and value creating transaction available. However, at this point it is not possible to provide shareholders with sufficient detail and clarity on key transaction issues to allow them to make an informed decision. Euronext is committed to pursuing discussions expeditiously, and to submitting as rapidly as possible the outcome of such negotiations to shareholders. In the meantime, Euronext is concerned not to restrict its flexibility during this period. Given the commitment of the Supervisory board to return to shareholders, Euronext is advising shareholders not to vote in favour of agenda item 10-b.
Source
Company press release(s)
Value
EUR 4,550m (LSE market cap)
