The American technology market Nasdaq, and Borse Dubai began a new surge on Wednesday in their effort to get ownership of the Nordic stock exchange OMX. Borse Dubai raised its offer for OMX shares to 265 Swedish krona (EUR 28.69).
The buyer candidates decided to raise their offer after the Qatar state investment company had bought nearly a tenth of OMX shares for SKR 260 last week.
Nasdaq and Borse Dubai had decided on the new price with the largest owners of OMX, including Nordea Bank and the investment company Investor. The buyers control 47.6 per cent of the company through various arrangements, putting them very close to a majority of voting shares.
Nasdaq and Borse Dubai have also made sure that beating their bid will not be easy. The purchase options include a provision that sellers can accept a competitive offer for the shares only it exceeds SKR 303 a share.
In other respects, the arrangements between Nasdaq and Borse Dubai remain largely unchanged. The companies agreed a week ago that Nasdaq would be the owner of OMX, while Borse Dubai would get one fifth of Nasdaq and 28 per cent of the London Stock Exchange.
Swedish stockholders have been enticed by more than just money. On Wednesday the buyers promised to improve the competitiveness of the Stockholm Stock Exchange and to put a big effort into the development of technology and employment. The European headquarters of the new Nasdaq OMX, and the key location of technological development would be in Stockholm.
Reuters News Agency quoted Borse Dubai CEO Per Larsson as saying that it would be difficult for any other bidder to match the price Borse Dubai is offering for OMX, and to get the level of support Nasdaq and Borse Dubai have for their bid.
The buyer candidates also promised to respect the enforcement mechanisms of the Nordic and Baltic Countries.
Nasdaq issued a statement according to which it is working together with the US Securities and Exchange Commission to make sure that American rules do not directly or indirectly affect regulation in these countries. Nasdaq notes that the SEC has sent a letter to officials in all of the countries giving such an assurance.
The intense competition over ownership in OMX has been a bonanza for present holders of OMX shares. The value of shares the stock exchange company has risen by 85 per cent in the past six months. The value of the stock portfolios of the OMX operative management has also risen considerably. The portfolio of CEO Magnus Böcker is now valued at EUR 4.1 million, and that of Jukka Ruuska is worth EUR 0.9 million.