- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 05:31 06:49 12:14 15:11 17:33 18:52
The Nasdaq Stock Market on Friday said it expects its $4.5 billion (Dh16.5bn) deal to acquire Nordic and Baltic stock exchange OMX, through a complex tie-up with Borse Dubai, will close on February 27.
Borse Dubai said earlier in a statement it extending the acceptance period to February 29. At present, owners of 68.6 per cent of shares had accepted the offer, it added. "Following settlement of the options, Borse Dubai is expected to hold in aggregate 117,773,056 shares in OMX, representing approximately 97.6 per cent of the total number of shares and votes in OMX," it said in a statement.
Nasdaq, in a statement, said Borse Dubai had been successful in a tender offer for OMX shares, which paves the way for it to form the Nasdaq OMX Group.
"This is the final milestone of the transaction," said Nasdaq Chief Executive Robert Greifeld.
Borse Dubai last year teamed up with Nasdaq to buy OMX under a pact in which Dubai gets Nasdaq's stake in the London Stock Exchange Group and a 19.9 per cent stake in the US exchange, although its voting stake will be limited to five per cent.
In turn, Nasdaq, the second-largest US equities exchange, will merge with OMX.
Nasdaq will also make an investment in Dubai International Financial Exchange.
In total, Nasdaq's cash-and-stock offer for OMX amounts to roughly $4.5bn, broken down as $1.9bn (Dh6.98bn) in cash and about 60.6 million shares.
Based on Nasdaq's $42.24 per share closing price on Thursday, the stock consideration would be worth about $2.6 billion. (Reuters)
Follow Emirates 24|7 on Google News.