The Nasdaq/ICE $11.3bn bid offers a roughly $1.6bn premium to the deal it made with Deutsche Boerse.
However, NYSE’s Board of Directors believes the Deutsche Boerse deal is less risky and creates more long-term shareholder value.
NYSE Euronext chairman Jan-Michiel Hessels said breaking up NYSE Euronext, burdening the pieces with high levels of debt, and destroying its invaluable human capital, would be a strategic mistake in terms of where the global markets are going, and is clearly not in the best interests of our shareholders.
"The highly conditional break-up proposal from Nasdaq/ICE would also require shareholders to shoulder unacceptable execution risk," Hessels said.
According to media reports, despite the official rejection by the NYSE board, Nasdaq still plans on pursuing the deal.
