FT: Shareholder urges NYSE to consider rival bid
28 April 2011
A large institutional shareholder urged NYSE Euronext’s board to consider a counter-bid to its agreed deal with Deutsche Börse – a cash-and-shares bid by Nasdaq OMX and the IntercontinentalExchange.
Bill Miller, portfolio manager of Legg Mason, said in an e-mail distributed to reporters on the eve of NYSE Euronext’s annual meeting: “We think it is in the shareholders’ interest that the board work to maximise value for owners, and we don’t see how being unwilling to meet with Nasdaq furthers that goal".
Legg Mason is among the top five NYSE Euronext shareholders, owning 2.9 per cent of shares outstanding.
NYSE Euronext declined to comment on Mr Miller’s statement.
The NYSE Euronext board has twice rejected the approach by Nasdaq-ICE, which offers a higher price than the current value of the all-shares bid by Deutsche Börse.
© Financial Times
