Dubai ready to scupper Nasdaq takeover of OMX - Daily Telegraph
16 July 2007 | 7235 views | 0
Shares in OMX have moved up four per cent on rumours that the owner of the Dubai stock exchange is preparing to scupper Nasdaq's attempted take-over of the Swedish bourse and technology company with a rival counter-bid.
OMX shares are up to 217.50 in early trading after a report in the UK's Daily Telegraph newspaper said the Dubai International Financial Centre (DIFC) is ready to step in with a bid of up to Skr250 per OMX share, beating the proposed Skr208.1 bid by Nasdaq.
The Telegraph states that DIFC has the funding to escalate its bid, but is likely to table an initial offer of around Skr230.
The DIFC has reputedly been buying OMX shares in the open market, amassing a stake just below the five per cent level at which a buyer must disclose ownership, the newspaper claims.
Rumours of a potential counter-bid for OMX from Dubai first surfaced in late May, shortly after Nasdaq announced its proposed takeover. The rumours were helped by the fact that Per Larsson, former president of OM Group, is now the CEO of the Dubai International Financial Exchange (DIFX).