The near-term future of the
New York Stock Exchange
could be complicated by a competing takeover offer from one of its recent luminaries.
Kenneth Langone, the
founder who became the loudest public defender of ousted NYSE Chairman Richard Grasso, has spoken to several executives about putting together a bid for the 212-year-old stock exchange,
The Wall Street Journal
Last week, the NYSE outlined an agreement in which it would merge with electronic rival
, creating a hybrid exchange to compete against the all-electronic
Nasdaq Stock Market
. Langone's competing bid wouldn't comprise Archipelago, the
Langone's campaign is in an exploratory stage and could face significant regulatory obstacles, the newspaper said. Among other things, Langone and Grasso are named in a lawsuit filed by New York Attorney General Eliot Spitzer alleging improprieties surrounding Grasso's pay package. Grasso isn't involved in the NYSE bid, the paper said.
On Instinet Monday morning, Archipelago shares were down $1.37, or 4.6%, to $28.39.