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Dubai: Borse Dubai launched a $3.98 billion all cash takeover offer for Nordic stock exchange operator OMX AB on Friday, opening up opportunities for both firms to combine their strengths to create a strong global financial markets operator.
Borse Dubai, the holding company of Dubai Financial Market and Dubai International Financial Exchange, said it has made the cash offer to OMX shareholders through its Sweden based wholly-owned subsidiary BD Stockholm.
The Dubai operator is offering 230 Swedish crowns ($32.84) per OMX share, valuing OMX at around 27.7 billion crowns ($3.98 billion) — about 13 per cent higher than the US exchange Nasdaq's offer of 202.3 Swedish crowns per share.
Eisa Kazim, chairman of Borse Dubai, told Gulf News the offer is open to all shareholders, and Borse Dubai is confident of attracting shareholder interest in its offer.
"The offer is in compliance with all Swedish regulations and we are very confident of attracting a substantial interest and intends to acquire more than 90 per cent shares in OMX," Kazim said.
Borse Dubai sees great synergies and opportunities for both parties in its offer. The combination of OMX and Borse Dubai will form the fifth largest exchange group and one of the fastest growing groups in the world.
Analysts said Dubai's offer is expected to trigger a potential takeover battle with the US-based Nasdaq Stock Market Inc.
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