The Swedish financial market regulator on Monday said it had given the green for the Emirates-based Borse Dubai to bid for the Nordic and Baltic stock exchange operator OMX.
"Borse Dubai fulfills the requirements to become the owner" of OMX, the regulator, known as the Finansinspektionen, said in a statement.
Borse Dubai's proposed cash offer of 265 kronor per share, made jointly with the US high-tech exchange Nasdaq, values OMX at some 32 billion kronor (4.9 billion dollars, 3.47 billion euros).
Finansinspektionen ruled on September 27 that Nasdaq too was qualified to bid for OMX, which operates exchanges in Copenhagen, Stockholm, Helsinki, Reykjavik, Riga, Tallinn and Vilnius.
In late September, Borse Dubai and Nasdaq, then rivals to take over OMX, said they had joined forces to acquire it together in a deal that would give Borse Dubai 19.99 percent of US-based Nasdaq and 28 percent of the London Stock Exchange.
In a complex takeover proposal that ended months of speculation over OMX's fate, the groups said Borse Dubai of the United Arab Emirates would follow through on a previously announced 230-kronor-per-share offer for OMX, which was subsequently sweetened.
Nasdaq would then acquire all of Borse Dubai's OMX shares.
Borse Dubai and Nasdaq on September 26 said they had sweetened their takeover offer and had secured 47.6 percent of the capital, having won the support of two leading shareholders in OMX -- Investor, the holding company of the Wallenberg family, which holds 10.7 percent, and Nordea, with a 5.3 percent stake.
They also said they had lowered their acceptance requirement from an initial 90 percent of stockholders to just 50 percent in order to circumvent the difficulty of convincing Qatar Holding, which jumped into the fray in September to buy 9.98 percent of OMX, to agree to the deal.
The group is also a shareholder in the London Stock exchange.
OMX chief executive Magnus Boecker said last month the public offer for the exchange should be launched in January.
Boecker, announcing third quarter results, said the offer should close in late February.
The company at the time reported a net profit of 223 million kronor for the three months to September, up 34.4 percent from a year earlier, as revenues rose 22.6 percent to 1.00 billion kronor.
On a strategic level, the takeover would allow Nasdaq to vindicate itself after its failed bid for the London Stock Exchange earlier this year by getting its hands on a well-organised exchange operator that has already consolidated the sector across the Nordic and Baltic regions.
Following the news, OMX saw its share-price inch up 0.37 percent to 268.50 kronor in afternoon trading on the Stockholm stock exchange, which on a whole dropped 0.41 percent to 360.80 points.
In the past three months, OMX's stock price has increased more than 17 percent. Source
"Borse Dubai fulfills the requirements to become the owner" of OMX, the regulator, known as the Finansinspektionen, said in a statement.
Borse Dubai's proposed cash offer of 265 kronor per share, made jointly with the US high-tech exchange Nasdaq, values OMX at some 32 billion kronor (4.9 billion dollars, 3.47 billion euros).
Finansinspektionen ruled on September 27 that Nasdaq too was qualified to bid for OMX, which operates exchanges in Copenhagen, Stockholm, Helsinki, Reykjavik, Riga, Tallinn and Vilnius.
In late September, Borse Dubai and Nasdaq, then rivals to take over OMX, said they had joined forces to acquire it together in a deal that would give Borse Dubai 19.99 percent of US-based Nasdaq and 28 percent of the London Stock Exchange.
In a complex takeover proposal that ended months of speculation over OMX's fate, the groups said Borse Dubai of the United Arab Emirates would follow through on a previously announced 230-kronor-per-share offer for OMX, which was subsequently sweetened.
Nasdaq would then acquire all of Borse Dubai's OMX shares.
Borse Dubai and Nasdaq on September 26 said they had sweetened their takeover offer and had secured 47.6 percent of the capital, having won the support of two leading shareholders in OMX -- Investor, the holding company of the Wallenberg family, which holds 10.7 percent, and Nordea, with a 5.3 percent stake.
They also said they had lowered their acceptance requirement from an initial 90 percent of stockholders to just 50 percent in order to circumvent the difficulty of convincing Qatar Holding, which jumped into the fray in September to buy 9.98 percent of OMX, to agree to the deal.
The group is also a shareholder in the London Stock exchange.
OMX chief executive Magnus Boecker said last month the public offer for the exchange should be launched in January.
Boecker, announcing third quarter results, said the offer should close in late February.
The company at the time reported a net profit of 223 million kronor for the three months to September, up 34.4 percent from a year earlier, as revenues rose 22.6 percent to 1.00 billion kronor.
On a strategic level, the takeover would allow Nasdaq to vindicate itself after its failed bid for the London Stock Exchange earlier this year by getting its hands on a well-organised exchange operator that has already consolidated the sector across the Nordic and Baltic regions.
Following the news, OMX saw its share-price inch up 0.37 percent to 268.50 kronor in afternoon trading on the Stockholm stock exchange, which on a whole dropped 0.41 percent to 360.80 points.
In the past three months, OMX's stock price has increased more than 17 percent. Source
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