NYSE Euronext Shareholders Approve Deutsche Boerse Merger

NYSE Euronext (NYSE:NYX) announced that its shareholders have approved the adoption of the business combination agreement with Deutsche Boerse (PINK:DBOEF) and related proposals. The proposals, which required approval by a majority of the outstanding shares or in some cases majority of shares voted of NYSE Euronext common stock, were approved at a special shareholders meeting held today in New York. Based on preliminary results, approximately 96.09% of the shares present at the special meeting voted for the approval of the combination, representing 65.68% of NYSE Euronext''s outstanding common shares. Completion of the combination is subject to a 75% acceptance level of the exchange offer to Deutsche Boerse shareholders; approval by the relevant competition and financial, securities and other regulatory authorities in the U.S. and Europe; and customary closing conditions. The acceptance period during which shareholders of Deutsche Boerse can tender their shares in exchange for shares in the new combined company will end next week, on July 13.NYSE Euronext has a potential upside of 22.6% based on a current price of $35.14 and an average consensus analyst price target of $43.07.NYSE Euronext is currently below its 50-day moving average (MA) of $36.15 and should find support at its 200-day MA of $33.40. In the last five trading sessions, the 50-day MA has fallen 0.48% while the 200-day MA has remained constant.

Channel: Voxant Newsroom Video Length: 0s Date Found: Thu, Jul 07 2011 11:21 PM Category: Business Date Produced: Thu, Jul 07 2011 11:17 PM View Count: 0