The Dubai stock exchange is expected to make a formal bid to buy Nordic exchange OMX, according to a BBC report filed on Sunday. The Dubai exchange is tipped to make an offer of about $4.03bn (£2bn), which would exceed NASDAQ’s $3.7bn bid for the Swedish-based exchange, according to the report.
Yet when asked about the bid, OMX stressed that the previous offer made by NASDAQ - announced on 25 May and recommended by the Board of OMX - is in its final stages and would bring benefits to all concerned.
"The initial filing of NASDAQ's S-4 documentation was made with the SEC on 7 August and the offer to OMX shareholders is expected to close in the fourth quarter 2007," said a spokesperson of OMS. "Preparation of the documentation and the pursuit of necessary approvals are on track," she added.
"The combination of OMX and NASDAQ will provide significant benefits for customers, shareholders and stakeholders in both companies, strengthen the Nordic region as a financial centre and provide enhanced opportunities for economic growth throughout the Nordic region," she continued.
OMX owns exchanges in the Nordic and Baltic region. Last week the Dubai Bourse purchased a 4.9 percent stake in OMX, increasing its total stakeholding to 27.4%.
If its bid for OMX were to be successful, it would mark a further set-back for Nasdaq, whose $5.3bn bid for the London Stock Exchange was rejected while its rival the New York Stock Exchange secured the first trans-Atlantic exchange deal with its acquisition of pan-European exchange Euronext for $14.3bn.
Meetings are expected to take place this week between the Dubai exchange and shareholders from OMX, as well as with the Swedish government, which holds a 6.6% stake in the exchange, according to the BBC report.