NYSE board to meet on D.Boerse

Fri Feb 11, 2011 6:09pm EST
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By Philipp Halstrick and Jonathan Spicer

FRANKFURT/NEW YORK (Reuters) - The board of NYSE Euronext is expected to meet on Sunday to discuss a planned takeover by Deutsche Boerse, sources close to the deal said, while exchanges left out of the merger frenzy plotted their response.

A formal merger document that can be presented to the companies' boards is not yet prepared, a separate source familiar the situation said. Details of what the NYSE Euronext board might discuss or what it might vote on were unclear.

The two companies declined to comment.

Deutsche Boerse and NYSE Euronext said on Wednesday they were in advanced talks to merge, just hours after London Stock Exchange unveiled a bid for Canadian market operator TMX Group Inc.

Other exchanges said they were considering striking their own deals or looking to take advantage of the distraction, in early signs of ripples through the world's capital markets.

CBOE Holdings Inc, IntercontinentalExchange Inc, BATS Global Markets and Chi-X Europe all weighed in on Friday on the deals that would see Europeans acquire the New York Stock Exchange and the Toronto Stock Exchange.

"Every exchange that wasn't involved in the two mergers -- the four that were not involved -- had to at lunch on Wednesday be asking themselves, 'Should I be involved in some way?' and calling their bankers and thinking strategically," said Alan Dean, CBOE's chief financial officer.

"It has to be a jolt I think for all market participants in this industry," he said at a conference hosted by Credit Suisse.   Continued...

<p>The New York Stock Exchange is seen February 9, 2011. REUTERS/Eric Thayer</p>