18 January 2017
visit http://www.wolterskluwerfs.com

DB deal failure cost Nyse $85 million

29 February 2012  |  2111 views  |  0 Source: Nyse

On February 15, 2011, we entered into a Business Combination Agreement (the "Business Combination Agreement") with Deutsche Börse AG ("Deutsche Börse"), pursuant to which the two companies agreed to combine their respective businesses and become subsidiaries of a newly formed Dutch holding company (the "Proposed Business Combination").

Completion of the Proposed Business Combination was subject to the satisfaction of several conditions, including, among others, approvals by the relevant competition and financial, securities and other regulatory authorities in the United States and Europe.

On February 1, 2012, the EU Competition Commission issued a formal decision disapproving the Proposed Business Combination. In light of the EU Commission's decision, on February 2, 2012, NYSE Euronext and Deutsche Börse announced that they mutually agreed to terminate the Business Combination Agreement. For the year ended December 31, 2011, NYSE Euronext incurred approximately $85 million of legal, investment banking and other professional fees and costs related to the terminated business combination, which are recorded in "Merger expenses and exit costs" in the consolidated statement of operations. NYSE Euronext also incurred additional indirect costs associated with management's significant time and focus negotiating and preparing to close the Proposed Business Combination, instead of pursuing other business opportunities that could have been beneficial to the Company.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit contisgroup.comVisit capgemini.comvisit wavestone.co.uk

Top topics

Most viewed Most shared
Banks face big profit loss to digitisation - McKinseyBanks face big profit loss to digitisation...
13893 views comments | 85 tweets | 101 linkedin
Blockchain impact timeline speeds up, massive cost savings forecastBlockchain impact timeline speeds up, mass...
13324 views comments | 39 tweets | 35 linkedin
Seven banks plan blockchain platform for SMEsSeven banks plan blockchain platform for S...
11286 views comments | 47 tweets | 40 linkedin
Accenture beats Brexit blues with largest-ever London startup programmeAccenture beats Brexit blues with largest-...
9624 views comments | 30 tweets | 20 linkedin
Swift goes deeper into the blockchainSwift goes deeper into the blockchain
9608 views comments | 30 tweets | 43 linkedin

Featured job

to Six-Figure Base, Bonus, Benefits
London, UK

Find your next job