Nasdaq, ICE Outbid Deutsche Boerse for NYSE

Updated from 7:14 a.m. EDT

NEW YORK ( TheStreet) -- Nasdaq OMX ( NDAQ) and IntercontinentalExchange ( ICE) on Friday made a joint proposal to acquire NYSE Euronext ( NYX) for $42.50 in cash and stock.

The offer is valued at about $11.3 billion.

Nasdaq and IntercontinentalExchange, in a statement, said their proposal is a 19% premium over the price proposed by Deutsche Boerse to buy NYSE Euronext based on Deutsche Boerse's closing price on Thursday.

The deal also represents a 27% premium over NYSE Euronext's unaffected stock price on Feb. 8, the day before NYSE Euronext said it was in merger talks with Deutsche Boerse.

NYSE Euronext reached a deal to be acquired by Germany's Deutsche Borse in mid-February.

Shares of NYSE Euronext closed Thursday at $35.17.

Under the terms of the proposed acquisition, NYSE Euronext stockholders would receive $14.24 in cash, plus 0.4069 a shares of Nasdaq OMX stock and 0.1436 a share of ICE common stock for each NYSE Euronext share.

Nasdaq OMX and ICE said Friday they would finance the cash portion of the acquisition through cash on hand and a combined $3.8 billion financing commitment. They have received strong support from a group of lenders, including Bank of America and Wells Fargo, "which together would be prepared to arrange fully committed financing required to complete the transaction," the companies said.

-- Written by Joseph Woelfel

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