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Friday, January 26, 2007

Nasdaq Starts Push for Majority Control of London Market

The Nasdaq started the takeover clock of the possession taking doing tictac Tuesday in which it officially made a hostile supply $5,3 billion for action stock-market of London.
The shareholders will initially have until the 11 Ene to offer their parts to the Nasdaq, that is offering 12.43 ($24.49) each one.

The Nasdaq carries out 28,75 percents of the market of London and needs or a simple majority, or as soon as one starts off on 50 percents, to take control. It can prolong that term once, to the 10 Feb. The executive of the Nasdaq, Roberto Greifeld, said "the complete value and just represented supply" for the market of London, balancing the present success of the business with new competitive threats. London attracts listings more international than New York does, but some of the greater investment banks are planning a Pan-European electronic interchange, that could remove with siphon from something to negotiate of London.

The interchange of London quickly rejected the formal supply Tuesday, because it has previous advances of Nasdaq two. In a declaration, saying, "the board unanimously rejects the supply of the Nasdaq whereas it infravalues the interchange substantially and it cannot reflect his unique strategic position and the long-range impetus of the operational gain and of the business". The investors encouraging interchange not to do anything until he published his document of the defense in 14 days.

The synchronization of the official supply of the Nasdaq is astute, bankers and lawyers here happiness, because it will force advisors of the interchange of London to work with the holiday of Christmas. The relations between the interchanges are frosted. The executives of London never decided to negotiate with the Nasdaq.

They have not made contact with enemy with executives of the Nasdaq since the Nasdaq said in November that planned a supply of 12.43-a-share, several people in both sides of the process that made a supply this. Obtaining just on 20 percents more of the parts of the interchange of London could look like like an attainable task for the Nasdaq, unless the parts of the market of London are negotiating on the value of the supply Tuesday was closed in 13.20. To surround investors of the bottom, who carry out 30 to 40 considered percents of the action of the interchange of London, they have been fitted to pressure upon the parts in the recent weeks, anticipating one more a higher supply.

The Nasdaq cannot raise its supply, nevertheless, unless it receives a recommendation of the board of the interchange of London, that has declined until now cooperating, or unless pulg walks another bidder. Most of the analysts they agree that there are no other probable bidders. If the Nasdaq neither reaches to simple majority before the extended term of the 10 Feb nor contracts board of the interchange from London to discussions, it must walk far from the supply and it cannot do another one by a year. Many analysts in the opinion of London consider improbable that the situation will be solved even before the term of February. Particularly, they said, was difficult to see because the shareholders would take to 12.43 a part if the action of the interchange of London negotiated on that level.

But the Nasdaq could walks far in fact in February, and hopes that the parts of the interchange of London slide enough in the year next that its attempt of taking of following possession will be guessed right. Or the accounts of the ones in charge of bottom who have the action in the market of London could try to press to their management in cutting a distribution with the Nasdaq. Many shareholders look like to bet more to an elevated high price.

The 8 Dec, the management of assets of the horizon and the management of assets of the kinetic one said that they had 6,4 percents of the interchange of London. Both in charge of money paid as much as "13.14 one divides the action, according to limaduras with stock-market of action of London. The management of the legal and general investment, a bottom of London with "211 billion under management, said Tuesday that carried out 3,74 percents of the market of London and had bought parts in 13.20 each one. To indicate to global advisors of the street these Tuesdays that carried out 1,9 percents and had bought parts in 13.24.


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