Dubai: Qatar's imminent acquisition of a 31 per cent stake in the London Stock Exchange (LSE) will provide Nasdaq with the much-needed cash to compete with Borse Dubai's $4 billion offer for OMX, the Nordic exchanges operator.
The UK's Sunday Times reported yesterday that Qatar has finalised the deal to acquire the 31 per cent stake that Nasdaq holds in LSE for $5.6 billion or $28 a share.
While the deal, if accepted, will make Qatar the largest single shareholder in LSE, it will provide Nasdaq enough flexibility to improve its cash and share bid for OMX, currently valued at about 212 crowns per share against Borse Dubai's cash-only bid at 230 crowns per share.
With the chances of Borse Dubai launching a public offer as early as in the second week of October, M&A analysts and investment bankers said that Nasdaq is likely to move quickly and improve its earlier offer.
Borse Dubai submitted a formal offer document to the Swedish Financial Services Authority last Friday.
With the regulatory clearance for Borse Dubai almost certain, all eyes are now focused on Nasdaq.
With the strong presence of institutions and hedge funds among investors, analysts said that the price will be the decisive factor that will swing the OMX deal.
