Borse Dubai completes OMX offer

In a statement, Borse Dubai said that shareholders in OMX holding 82,721,185 shares, which represents approximately 68.6 per cent of the total number of shares, had accepted the public offer. It also said that it expected to hold 97.6 per cent of the total number of shares following settlement of its options.

Prior to the offer, Borse Dubai had acquired 5,880,130 shares in OMX, representing approximately 4.9 per cent of the total number of shares and votes in OMX. A wholly owned subsidiary of Borse Dubai had also entered into options to purchase 29,171,741 shares in OMX, representing approximately 24.2 per cent of the total number of shares and votes in the exchange.

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The statement said that the options would be exercised on the first business day following the first day of settlement under the offer. And following settlement of the options, Borse Dubai is expected to hold in aggregate 117,773,056 shares in OMX, representing approximately 97.6 per cent of the total number of shares and votes in OMX.

It is anticipated that settlement will occur and proceeds be remitted to shareholders who accepted the offer prior to 11.59 p.m. New York time on February 12, on or about February 19 in relation to Icelandic shareholders, and on or about February 22 in relation to Finnish, Danish and Swedish shareholders, as set out in Borse Dubai's offer document and the supplement to the offer document. Shareholders who have not yet accepted the offer to tender their shares in OMX, Borse Dubai now have until 11.00am New York time (or 5.00pm Swedish time) on February 29 to do so.

The completion of the OMX-Borse Dubai-Nasdaq deal will bring a complex arrangement between the three exchanges to conclusion.

Once Borse Dubai owns at least 67 per cent of OMX shares, it has agreed to transfer all the stock it owns to Nasdaq.

In exchange Borse Dubai will take a minority stake in Nasdaq, along with a cash consideration, and Nasdaq will complete its investment in DIFX.

"We are very pleased to be the first global exchange to bridge the US, Europe and the Middle East and to further develop and link mature and emerging markets through our new combination. Borse Dubai will be the catalyst for regional market development, bridging east and west, and bringing liquidity and development of the region's financial skill base and capabilities," said Borse Dubai chairman, Essa Kazim in a statement.

And vice-chairman of Borse Dubai, Soud Ba'alawy, said: "We want to build a world class, growth oriented exchange in Dubai and other emerging markets including the Middle East, North Africa and South East Asia. The Borse Dubai/NASDAQ/OMX Group will become the largest global network of exchanges and exchange customers linked by technology in the world." The Swedish Financial Supervisory Authority also said yesterday that the Swedish government had sold all of its 7.99 million shares in OMX, amounting to a 6.6 per cent stake, to Borse Dubai.