NYSE CEO dismisses Nasdaq bid as hollow, undefined

NEW YORK (Reuters) – The head of NYSE Euronext (NYX.N: Quote, Profile, Research) on Sunday dismissed Nasdaq OMX Group’s (NDAQ.O: Quote, Profile, Research) unsolicited bid as “an empty vessel” that failed to address several hurdles to closing, and that would unacceptably carve up his transatlantic exchange operator.

“I couldn’t have imagined a dismantling of the company would have been the slightest bit consistent with our strategy,” Duncan Niederauer said in an interview on Sunday, after NYSE’s board formally rejected the offer that would break up a friendly deal with Germany’s Deutsche Boerse (DB1Gn.DE: Quote, Profile, Research).

“In fact, it would have been quite a surprise for the board to decide … to endorse a highly conditional proposal that requires a dismantling of the company, and in our mind presented a tremendous amount of execution risk that was entirely undefined in the loosely worded proposal,” the chief executive said.

The proposed Deutsche Boerse merger “is significantly more likely to close,” Niederauer added.

(Reporting by Jonathan Spicer)

NYSE CEO dismisses Nasdaq bid as hollow, undefined