The American Stock Exchange has issued a non-commital statement in response to media reports that the exchange, currently owned by the National Association of Securities Dealers, is considering a bid from the neighbouring New York Stock Exchange.
Amex says it is working with its parent company to "establish an appropriate timetable for its eventual separation from the Nasd."
A committee of the Nasd board has been formed, co-chaired by Bob Glauber and Sal Sodano, to guide the separation process. "Until there is something definitive to report, we will have no further comment," states Amex.
According to a report in the Wall Street Journal, the merger talks began over a lunch late last year at the New York Stock Exchange between its chairman, Richard Grasso, and Nasd chairman Robert Glauber.
The paper reports Amex to be valued between $500 million and $700 million.