NASDAQ OMX and ICE Issue Joint Statement on Superior Proposal
By Intercontinentalexchange, PRNESunday, April 24, 2011
NEW YORK and ATLANTA, April 25, 2011 - NASDAQ OMX (NDAQ) and IntercontinentalExchange (ICE) today issued a joint
statement with regard to their superior proposal for NYSE Euronext:
(Logo: photos.prnewswire.com/prnh/20090727/CL51999LOGO )
NYSE Euronext investors should be highly skeptical that after two years
of exploratory merger discussions, including more than six months dedicated
to finalizing the transaction, NYSE Euronext has suddenly found a reported
euro 100 million in additional synergies. This increase appears not to be a
matter of sharpening a pencil, but an unexplained shift in strategy. The
discovery that initial synergies having been understated by one-third comes
after receiving a superior proposal from NASDAQ OMX and ICE that achieves
greater synergies.
Importantly, if there are additional synergies to be found after the
merger economics have been agreed, then it has to come at the expense of NYSE
Euronext stockholders because there has been no increase in the price they
are being offered. NYSE Euronext should describe these newly-found synergies
in detail in order to support the credibility of these revised estimates,
particularly in light of commitments to retain two technology platforms and
two headquarters. Increasingly it appears that NYSE Euronext is more focused
on protecting the transaction than its stockholders.
NASDAQ OMX and ICE have described in detail our proven and focused
long-term strategy from which stockholders would benefit and our companies
demonstrated outperformance relative to their proposed strategy of creating a
financial supermarket. We look forward to having the same opportunity when
the NYSE Euronext Board agrees to due diligence.
Additional Details
All details and other supporting information related to this proposal are
available on www.nasdaq.com/deal and ir.theice.com
About NASDAQ OMX
The NASDAQ OMX Group, Inc. is the world's largest exchange company. It
delivers trading, exchange technology and public company services across six
continents, with approximately 3,600 listed companies. NASDAQ OMX offers
multiple capital raising solutions to companies around the globe, including
its U.S. listings market, NASDAQ OMX Nordic, NASDAQ OMX Baltic, NASDAQ OMX
First North, and the U.S. 144A sector. The company offers trading across
multiple asset classes including equities, derivatives, debt, commodities,
structured products and exchange-traded funds. NASDAQ OMX technology supports
the operations of over 70 exchanges, clearing organizations and central
securities depositories in more than 50 countries. NASDAQ OMX Nordic and
NASDAQ OMX Baltic are not legal entities but describe the common offering
from NASDAQ OMX exchanges in Helsinki, Copenhagen, Stockholm, Iceland,
Tallinn, Riga, and Vilnius. For more information about NASDAQ OMX, visit
www.nasdaqomx.com. *Please follow NASDAQ OMX on Facebook
(www.facebook.com/pages/NASDAQ-OMX/108167527653) and Twitter
(www.twitter.com/nasdaqomx).
About IntercontinentalExchange
IntercontinentalExchange (NYSE: ICE) is a leading operator of regulated
futures exchanges and over-the-counter markets for agricultural, credit,
currency, emissions, energy and equity index contracts. ICE Futures Europe
hosts trade in half of the world's crude and refined oil futures. ICE Futures
U.S. and ICE Futures Canada list agricultural, currencies and Russell Index
markets. ICE is also a leading operator of central clearing services for the
futures and over-the-counter markets, with five regulated clearing houses
across North America and Europe. ICE serves customers in more than 70
countries. www.theice.com
The following are trademarks of IntercontinentalExchange, Inc. and/or its
affiliated companies: IntercontinentalExchange, ICE, ICE and block design,
ICE Futures Europe and ICE Clear Europe. All other trademarks are the
property of their respective owners. For more information regarding
registered trademarks owned by IntercontinentalExchange, Inc. and/or its
affiliated companies, see https://www.theice.com/terms.jhtml
Forward-Looking Statements
Information set forth in this communication contains forward-looking
statements that involve a number of risks and uncertainties. NASDAQ OMX and
ICE caution readers that any forward-looking information is not a guarantee
of future performance and that actual results could differ materially from
those contained in the forward-looking information. Such forward-looking
statements include, but are not limited to (i) projections about future
financial results, growth, trading volumes, tax benefits and achievement of
synergy targets, (ii) statements about the implementation dates and benefits
of certain strategic initiatives, (iii) statements about integrations of
recent acquisitions, and (iv) other statements that are not historical facts.
Forward-looking statements involve a number of risks, uncertainties or other
factors beyond NASDAQ OMX's and ICE's control. These factors include, but are
not limited to, NASDAQ OMX's and ICE's ability to implement its strategic
initiatives, economic, political and market conditions and fluctuations,
government and industry regulation, interest rate risk, U.S. and global
competition, and other factors detailed in each of NASDAQ OMX's and ICE's
filings with the U.S. Securities Exchange Commission (the "SEC"), including
(i) NASDAQ OMX's annual reports on Form 10-K and quarterly reports on Form
10-Q that are available on NASDAQ OMX's website at nasdaqomx.com and
(ii) ICE's annual reports on Form 10-K and quarterly reports on Form 10-Q
that are available on ICE's website at theice.com. NASDAQ OMX's and
ICE's filings are also available on the SEC website at www.sec.gov. Risks and
uncertainties relating to the proposed transaction include: NASDAQ OMX, ICE
and NYSE Euronext will not enter into any definitive agreement with respect
to the proposed transaction; required regulatory approvals and financing
commitments will not be obtained on satisfactory terms and in a timely
manner, if at all; the proposed transaction will not be consummated; the
anticipated benefits of the proposed transaction will not be realized; and
the integration of NYSE Euronext's operations with those of NASDAQ OMX or ICE
will be materially delayed or will be more costly or difficult than expected.
NASDAQ OMX and ICE undertake no obligation to publicly update any
forward-looking statement, whether as a result of new information, future
events or otherwise.
Important Information About the Proposed Transaction and Where to Find
It:
Subject to future developments, additional documents regarding the
transaction may be filed with the SEC. This material is not a substitute for
the joint proxy statement/prospectus or any other documents NASDAQ OMX, ICE
and NYSE Euronext would file with the SEC. Such documents, however, are not
currently available. INVESTORS ARE URGED TO CAREFULLY READ THE PROXY
STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION AND ANY OTHER
DOCUMENTS NASDAQ OMX, ICE AND NYSE EURONEXT WOULD FILE WITH THE SEC, IF AND
WHEN THEY BECOME AVAILABLE, BECAUSE SUCH DOCUMENTS WILL CONTAIN IMPORTANT
INFORMATION. Investors will be able to obtain a free copy of the joint proxy
statement/prospectus, if and when such document becomes available, and other
relevant documents filed by NYSE Euronext, ICE and/or NASDAQ OMX, without
charge, at the SEC's website (www.sec.gov). Copies of the final proxy
statement/prospectus, if and when such document becomes available may be
obtained, without charge, by directing a request to NASDAQ OMX at One Liberty
Plaza, New York, New York 10006, Attention: Investor Relations, in the case
of NASDAQ OMX's filings, or ICE, at 2100 RiverEdge Parkway, Suite 500,
Atlanta, Georgia, 30328, Attention: Investor Relations; or by emailing a
request to ir@theice.com, in the case of ICE's filings.
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be any sale
of securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of any such jurisdiction. No offering of securities shall be made except
by means of a prospectus meeting the requirements of Section 10 of the U.S.
Securities Act of 1933, as amended.
Participants in the Solicitation:
NASDAQ OMX, ICE, and their respective directors, executive officers and
other employees may be deemed to be participants in the solicitation of
proxies in respect of the proposed transaction.
You can find information about NASDAQ OMX and NASDAQ OMX's directors and
executive officers in NASDAQ OMX's Annual Report on Form 10-K, filed with the
SEC on February 24, 2011, and in NASDAQ OMX's proxy statement for its 2011
annual meeting of stockholders, filed with the SEC on April 15, 2011.
You can find information about ICE and ICE's directors and executive
officers in ICE's Annual Report on Form 10-K, filed with the SEC on February
9, 2011, and in ICE's proxy statement for its 2011 annual meeting of
stockholders, filed with the SEC on April 1, 2011.
Additional information about the interests of potential participants will
be included in the joint prospectus/proxy statement, if and when it becomes
available, and the other relevant documents filed with the SEC.
NASDAQ OMX, Media: Frank De Maria, +1-212-231-5183, frank.demaria at nasdaqomx.com, or Investor: Vincent Palmiere, +1-301-978-5242, vincent.palmiere at nasdaqomx.com; IntercontinentalExchange, Media and Investor: Kelly Loeffler, +1-770-857-4726, kelly.loeffler at theice.com
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