NYSE rejects Nasdaq, IntercontinentalExchange bid

April 10, 2011 11:43:40 AM PDT
The parent company of the New York Stock Exchange says it is rejecting an $11.3-billion bid from Nasdaq and IntercontinentalExchange to buy the company. NYSE Euronext said Sunday that its board unanimously agreed to turn down the offer, which was submitted earlier this month. The company says it is sticking with its plan to combine with German exchange operator Deutsche Boerse. NYSE agreed to that $10 billion deal in February.

The company said Nasdaq's deal was "highly conditional" and would cause unnecessary risk for shareholders.