Nasdaq (NDAQ) did not have much success buying the London Stock Exchange, so it settled for picking up Nordic stock market group OMX. The price tag was about $3.7 billion.

But, according to the Telegraph, the The Dubai International Financial Centre is preparing a bid which is about 20%. OMX shares have been trading slightly above the NDAQ offer, perhaps in anticipation of a counter bid.

NDAQ shareholders have not been enthusiastic about the exchanges prospects. Until a recent run, the stock was up only a little over 10% over the last year, running behind shares in NYSE Euronext (NYX).

Another embarrassment is hardly what Nasdaq needs now.

Douglas A. McIntyre