Capital markets exchange traded funds (ETFs) were set to get a boost Friday as NYSE Euronext shares vaulted over 10% in preopen trade after Nasdaq OMX Group and IntercontinentalExchange unveiled a rival bid for the exchange operator.
The $11.3 billion offer represents a 19% premium to NYSE Euronext’s existing deal to be acquired by Germany’s Deutsche Boerse. Friday’s bid is “clearly a superior proposal,” the suitors said.
The $185 million iShares Dow Jones U.S. Broker-Dealers Index Fund (NYSEArca: IAI) has about 5% each in NYSE Euronext and ICE.
SPDR KBW Capital Markets ETF (NYSEArca: KCE) also counts exchange stocks among its top holdings. [Capital Markets ETFs and Exchange Consolidation.]
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