Borse Dubai raises offer price

Dubai: Borse Dubai Limited announced on Wednesday that it has raised its cash offer to 265 crowns for each share of the Nordic stock exchanges operator OMX AB.

Borse Dubai has also changed the acceptance level condition under its offer from more than 90 per cent to more than 50 per cent.

The other terms and conditions of the Borse Dubai offer remain the same as announced on 17 August 2007 by Borse Dubai, and on 20 September 2007 by Borse Dubai and the Nasdaq.

Borse Dubai and Nasdaq have now secured irrevocable undertakings from leading institutional investors in OMX such as the Wallenberg family-controlled company Investor AB, Nordea Bank AB Olof Stenhammar, Didner & Gerge Fonder AB, Nykredit Realkredit A/S and Magnus Böcker, who in aggregate hold approximately 18.5 per cent of the total number of votes and shares in OMX, at the increased price of Borse Dubai's cash offer.

The combination of Borse Dubai's shares in OMX, the option agreements entered into on August 9 and the undertakings on Wednesday will result in Borse Dubai holding no less than 57.4 million OMX shares, representing no less than 47.6 per cent of the total number of votes and shares in OMX.

On September 20, Borse Dubai and Nasdaq announced a series of transactions that will create a global financial market place with a unique footprint spanning the US, Europe, the Middle East and strategic emerging markets.

“The opportunities for OMX, Borse Dubai and Nasdaq to further develop and link mature and emerging markets through our new combination are very significant. These efforts will place the Nordic and the Baltic markets in a key and pivotal position among global financial centers and Sweden will be a centrepiece for those efforts,'' said Essa Kazim, Chairman of Borse Dubai.