Another Bid Reportedly Possible for NYSE

Ken Langone tests the waters after the Archipelago deal.

Author:: TSC Staff
Publish date:: Apr 25, 2005 7:53 AM EDT

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

Home Depot

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

reported.

Last week, the NYSE outlined an agreement in which it would merge with electronic rival

Archipelago

(AX) - Get Report

, creating a hybrid exchange to compete against the all-electronic

Nasdaq Stock Market

. Langone's competing bid wouldn't comprise Archipelago, the

Journal

reported.

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.