Nasdaq Makes Hostile Bid For Rival NYSE

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Nasdaq is teaming up with a securities market based in Atlanta called the Intercontinental Exchange, and has offered $11.3 billion for the New York Stock Exchange. Recently, the NYSE agreed to merge with Germany's main stock exchange. But the Nasdaq's offer is substantially higher in an effort to derail the German bid.

LINDA WERTHEIMER, host:

NPR's business news starts with a new offer for the New York Stock Exchange.

(Soundbite of music)

WERTHEIMER: The venerable exchange has another suitor. Two months after agreeing to be purchased by Germany's main stock exchange, the NYSE has received another offer, this time from its American rival, Nasdaq. Nasdaq is teaming up with a securities market based in Atlanta called the Intercontinental Exchange. They offered a bid of $11.3 billion. That's substantially higher than what the German exchange agreed to pay for the New York Stock Exchange. Nasdaq hopes to win NYSE's shareholders away from the German bid.

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