NYSE Board Backs Deutsche Boerse Bid Over Nasdaq-ICE Offer

NYSE Euronext’s board affirmed its commitment to a merger with Deutsche Boerse AG, spurning an unsolicited offer from Nasdaq OMX Group Inc. and IntercontinentalExchange Inc. and setting the stage for a possible decision by shareholders.

The directors voted unanimously to back NYSE Euronext Chief Executive Officer Duncan Niederauer’s agreement with Frankfurt-based Deutsche Boerse, saying it will create more long-term value and has greater odds of winning regulatory approval, according to a statement released after a meeting in New York. The board’s response “does not reflect the best interests of their shareholders,” Nasdaq OMX said.