The takeover of NYSE Euronext (NYX +1.6%) should close within days, says IntercontinentalExchange (ICE +2.2%) CEO Jeff Sprecher on the earnings call. Last week, the closing had to be called off as the firms awaited the necessary stamps from European regulators.
Earlier, ICE reported Q3 EPS of $1.97 (net of merger-related costs), beating estimates by $0.12.
ICE also declared a Q4 dividend of $75M (roughly $1 per share), contingent on the closing of the NYSE deal, payable on Dec. 31 to shareholders of record on Dec. 16.
The previously announced date of November 4 has been pushed back to allow time for European regulators and ministries more time to issue their approvals. The companies remind they have received letters from the Chairmens' Committee of the Euronext College of Regulators "that it is not minded to object to ICE's proposed acquisition" of NYX.
No new closing date is announced, but the companies expect receipt of the necessary approvals in a matter of days.
In a move that could pave the way for a U.S. IPO, Alibaba has received approval from the NYSE (NYX, ICE) and Nasdaq (NDAQ) to maintain management/founder control of its board, should it list on one of the exchanges. Hong Kong's unwillingness to agree to the same had led the Chinese e-commerce giant to pursue a U.S. listing.
Alibaba, whose Q2 numbers were released last week by 24% shareholder Yahoo (YHOO +1.8%), will likely have a $100B+ IPO valuation, given the current multiples being assigned to U.S. and Chinese Internet names. That means its offering could exceed Facebook's in size, and will easily dwarf Twitter's.
The date of November 4 is predicated on receipt of the necessary remaining European approvals. ICE and NYX have also set a date of October 31 for NYX shareholders to make their merger consideration elections.
IntercontinentalExchange (ICE -0.7%) near finalizes its takeover of NYSE Euronext (NYX -0.5%) after receiving a letter from the Chairman's Committee of Euronext Regulators saying "they are not minded to object."
Next up is approval from each national authority and regulator in each of the relevant European jurisdictions.
BATS Global Markets (BATS) is reportedly in advanced negotiations to merge with Direct Edge Holdings in an all-stock deal that would create the second-largest exchange operator in the U.S. in terms of shares traded, putting it behind the NYSE (NYX) but ahead of Nasdaq (NDAQ).
BATS CEO Joseph Ratterman is expected to become the head of the new firm, while Direct Edge boss William O'Brien would become president. The companies plan to continue operating all four of their U.S. stock-exchange platforms after the merger.
Both firms are profitable, with BATS earning EBITDA of $101M in 2012.
Direct Edge's owners include KCG Holdings (KCG), Goldman Sachs (GS), Citadel and the International Securities Exchange. Those of BATS include KCG also, as well as Bank of America (BAC), Citigroup (C), Credit Suisse (CS), Deutsche Bank (DB), JPMorgan (JPM) and Morgan Stanley (MS).
The approval is nearly the final one necessary for ICE to close its takeover of NYX. The deal awaits a nod from a handful of European agencies, though the European Commission has already given its thumbs up.
NYSE Euronext (NYX +0.8%) CEO Duncan Niederauer says the company's sale to IntercontinentalExchange (ICE +1%) is on track to close this fall after securing a number of key approvals, including one last month from the EU.
The companies await a ruling from the SEC due by August 15.
Analysts expect today's earnings release will be NYSE's last as a standalone company, and NYSE management didn't take questions on the earnings call - deferring those until ICE's August 6 call.
As expected, European regulators have green-lighted IntercontinentalExchange's (ICE) purchase of NYSE Euronext (NYX) and the parties now await the "ok" from U.S. regulators (along with a few other players). (PR)
IntercontinentalExchange (ICE +1.9%) is set to win unconditional approval from EU regulators for its $8.2B purchase of NYSE Euronext (NYX +1.7%), reports Reuters. ICE actually took care of possible conditions ahead of time, announcing in March it would cap trading fees for 5 years on soft commodities at the Liffe should the merger go through.
A preliminary tally shows NYSE Euronext (NYX) shareholders have approved IntercontinentalExchange's (ICE) $8.2B takeover, reports NYSE. ICE owners have overwhelmingly approved the deal. It was 2 years ago, NYSE shareholders approved the sale to Deutsche Boerse, but regulators had different ideas.
InterContinentalExchange (ICE) formally applies for EU regulatory approval for its NYSE Euronext (NYX) purchase. It was 15 months ago Deutsche Boerse's buy of NYX was denied, but ICE feels it won a victory last month when the EU said it would rule on the purchase, as opposed to each of the state regulators having a say.
Peter Randall, former CEO of Chi-X Europe, is putting together a private-equity-led consortium to bid for the Euronext group of exchanges, sources say. IntercontinentalExchange (ICE) has said it would spin off the Euronext group as part of its $10.1B takeover of NYSE Euronext (NYX). Any bid is likely to face competition from NASDAQ OMX (NDAQ), Deutsche Boerse (DBOEY.PK, DBOEF.PK), and Six Group.
The merger bid between IntercontinentalExchange (ICE) and NYSE Euronext (NYX) gets a boost as the European Commission signals its intention to review the deal. The exchanges had hoped for this as opposed to individual EU states - seen as more likely to oppose the merger - taking their shots.
IntercontinentalExchange (ICE) revises the structure of its merger with NYSE Euronext (NYX) to please regulators, forming a new holding company - ICE Group - to house the two units. Upon closure, the ICE Group will be listed on the NYSE and trade under the current ICE symbol.
NYSE Euronext, a Delaware corporation, was organized on May 22, 2006 in anticipation of the combination of the businesses of NYSE Group, Inc., a Delaware corporation, and Euronext N.V., a company organized under the laws of the Netherlands. The combination was consummated on April 4, 2007. NYSE...More