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Interests of OMX Shareholders and Management not Aligned - UAE

The battle between US stock exchange Nasdaq and Borse Dubai for ownership of the Nordic stock exchange operator, OMX AB, has taken a further twist following an article by the Svenska Dagbladet newspaper saying that the interests of OMX management and shareholders may not be aligned.

The article states that the interests of OMX AB management and shareholders may be divergent, and cites a filing made by Nasdaq to the US Securities Exchange Commission (SEC) in connection to the OMX bid. According to the newspaper, the filing said: "In its recommendation to shareholders to accept our bid, OMX shareholders should be conscious that members of OMX's board and executive leadership, have relationships, agreements and arrangements (with us) which gives them an interest in the offer which can exceed and diverge from OMX shareholders interest."

OMX management allegedly has "millions" of reasons to want Nasdaq's bid to succeed. This includes more than doubling their pay in a potential merger when five OMX board members take a place on the Nasdaq board.

Another Swedish daily, Dagens Nyheter, has also reported that Boecker, along with OMX president, Jukka Ruuska had allegedly negotiated secret "golden parachutes" with Nasdaq in August last year, soon after the takeover negotiations with Nasdaq had begun.

Separately, news agency Reuters has said that Sweden's financial regulator, Finansinspektionen (FI) is likely to announce findings next week from an investigation into whether OMX had engaged in bid interference, quoting head of prospectuses and listings at the financial regulator, Annika von Haartman. On 4 September the regulator said that it would be investigating OMX for possibly using inappropriate defence measures against Borse Dubai's unsolicited bid for the exchange operator.

Borse Dubai has until September 14 to present its OMX offer document to the regulator. Nasdaq has until October 12 to present its offer. Nasdaq made a $3.7 billion cash-stock offer for OMX in May and Borse Dubai made a $4 billion all-cash offer in August.

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