Exchange says shareholders representing more than 95 percent of stock support deal
Deutsche Börse has announced that shareholders representing more than 95 percent of outstanding stock have backed the exchange’s merger with NYSE Euronext.
To give their approval, shareholders had to take part in a tender offer related to the merger by an extended deadline of August 1.
Now the acceptance rate is more than 95 percent, Deutsche Börse could force all remaining shareholders to take part in the tender offer, although it says it has not yet decided whether it will do this.
The news marks yet another step forward in the proposed merger between the German exchange and NYSE Euronext, which was first announced back in February. NYSE Euronext shareholders also overwhelmingly backed the proposed tie-up last month.
The two exchanges must now get regulatory approval from authorities on both sides of the Atlantic – a process that could take several months.
During NYSE Euronext’s second quarter conference call yesterday, CEO Duncan Neiderauer said he was confident the deal would close by the end of this year.
‘With the strong support of our shareholders behind us, we are moving beyond the votes and focusing on the various regulatory streams we have to work through, as well as our integration planning,’ he said.
