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Email UpdatesThe NASDAQ Stock Market (NASDAQ:NDAQ) has been in a long hunt over how it plans to grow and compete in a new world of mega-exchanges, and frankly its second place status in the U.S. for stocks is one that it would acknowledge is far from that of the NYSE Euronext (NYSE:NYX). It was unsuccessful in its buyout of the London Stock Exchange. Then it focused on the Nordic OMX, only to get a rival bid over OMX from Borse Dubai. The NASDAQ finally reached a deal that can be secured, but the much needed help that arrived may have been slapped in the face by observers.
The NASDAQ yesterday reached a mutual deal with Borse Dubai that will allow it to gain control of the OMX. In exchange, NASDAQ is giving up most of its holding (appears to be a 28% stake of 31.5%) in the London Stock Exchange. But NASDAQ is also kicking in a 20% stake of its own stock. The NASDAQ purchase price would be equivalent to about $41.00 per per share, and it appears this is for only a 5% voting stake with an ‘independent trustee’ holding the rest. NASDAQ will also get a stake in Borse Dubai, but we are going to stop there. because this is starting to sound like a monopoly game where the second and third tier players gang up on the likely winner.
