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DFM rises 1.1 per cent after it bids for Nasdaq
Dubai Financial Market PJSC shares rise 1.1 per cent on Tuesday after the exchange earlier made a $121 million bid for its local rival Nasdaq Dubai.
Dubai Financial Market, or DFM, said in a statement on Tuesday that it has made an offer to Borse Dubai Limited and The Nasdaq OMX Group, enabling DFM to acquire 100 per cent of Nasdaq Dubai. However, Nasdaq OMX will continue to allow Nasdaq Dubai to use its brand and technology.
The offer, which has been approved by Borse Dubai and Nasdaq OMX is valued at $ 121 million and comprises $102 million in cash and 40 million DFM shares.
The transaction has been endorsed by DFM’s board of directors in its meeting on Monday and is subject to certain closing conditions, including the receipt of regulatory approvals.
“The aim of this transaction is to widen DFM’s asset classes for investors, to allow the company’s shareholders to benefit from the future growth of Nasdaq Dubai and to further develop closer operational links between the two exchanges. The ownership structure will create a dynamic new force in the region’s capital markets,” DFM statement said.
“At this time, the merger is a little bit strange, but it was probably planned a while back,” said Samer Al Jaouni, General Manager of Middle East Financial Brokerage in Dubai.
“The DFM should get some advantages in terms of getting new products and structures ... in general it’s a positive step.”
DFM General Index closed 1.49 per centdown at 1,803.31 points while Abu Dhabi Securities Exchange, or ADX, moved slightlyup at 2,744.47 points.
· With inputs from Agencies
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