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Dubai: The Board of Directors of OMX initiated a second round of communications with Borse Dubai yesterday regarding the Dubai firm's offer to acquire the Nordic Exchanges operator, according to a spokesperson for OMX.
"We have sent a letter that contains a few questions to Borse Dubai. Their answers would help the board to better assess the situation. OMX has not set any deadline for a reply. But as all parties involved are keen on clarity on outstanding issues, I am sure that we will get an early response," Jonas Rodny, senior communications manager of OMX, told Gulf News yesterday.
Confirmation
Borse Dubai sources confirmed the receipt of the letter and said it will respond to the OMX's queries. However both parties did not provide any details of the questions.
Borse Dubai made a $4 billion all-cash bid for OMX on August 17 at 230 Swedish crowns per share against Nasdaq's $3.7 billion cash and shares offer. Swedish regulator (Finansinspektionen), which investigated Borse Dubai's bid, has concluded that the Dubai bid is a legitimate takeover offer.
Examination
Meanwhile, the Swedish Economic Crimes Bureau (Ekobrottsmyndigheten) is examining the background of share deals prior to the Borse Dubai's acquisition of shares.
"Robert Engstedt, public prosecutor, Swedish National Economic Crimes Bureau, is looking at the circumstances about the Borse Dubai's bid on OMX. He will take a decision within a couple of days whether to start a preliminary investigation or not," said Eva-Lisa Lennstrand Head of Communication in an emailed statement to Gulf News.
With the Swedish FSA recognising the offer, merger and acquisition (M&A) experts believe that the Dubai firm has crossed a major hurdle and it is just a matter of time major institutional investors accepted the bid.
"Any such acquisitions are subject to various levels of regulatory scrutiny and Borse Dubai is no exception," a person familiar with the situation said.
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