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Dubai: Swedish newspapers reported yesterday that Nasdaq may have entered into a secret deal with OMX's management for their support in the ongoing takeover battle for the exchange with Borse Dubai.
A Swedish newspaper Dagens Nyheter yesterday said that OMX senior executives negotiated secret 'golden parachutes' with Nasdaq, soon after the takeover negotiations with Nasdaq commenced.
Quoting a Nasdaq filing with the Securities and Exchange Commission (SEC), the US regulator, Svenska Dagbladet, another Swed-ish newspaper, reported that the US exchange has admitted that the interests of OMX AB management and shareholders may be divergent in the takeover battle.
"In its recommendation to shareholders to accept our bid, OMX shareholders should be conscious that members of OMX's board and executive leadership, have relationships, agreements, and arrangements [with us] which gives them an interest in the offer which can exceed and diverge from OMX shareholders interest," Nasdaq said in the filing.
Svenska Dagbladet also went on to say that OMX management has 'millions' of reasons to want Nasdaq's bid to succeed, and that a 'rain of gold' will accrue to OMX management if the bid succeeds.
Findings
Meanwhile, Sweden's financial regulator is likely to announce findings next week from an investigation into whether OMX had engaged in bid interference.
Annika von Haartman, head of prospectuses and listings at the Financial Supervisory Authority at the Swedish FSA said yesterday that if OMX was found to have interfered with the bid process, the regulator would instruct the firm to stop whatever it was doing. She said if the company continued, then it could be fined.
Borse Dubai has made a $4-billion all-cash bid for the Nordic exchanges operator last month against Nasdaq's $3.7 billion cash and share offer. Borse Dubai's chief executive Per Larsson told Gulf News on Monday that company is very positive about its bid and is all set to file a formal offer document with the regulator by September 15.
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