NYSE Buys Amex for $260M

(NYX - Cramer's Take - Stockpickr) said late Thursday that it would acquire the privately held American Stock Exchange for $260 million in stock.

The deal, approved by boards of both companies, will provide the Big Board with additional listings as well as increase its scale in U.S. options, exchange traded funds, closed-end funds, structured products and cash equities. Amex members also will be entitled to additional shares of NYSE Euronext stock based on the planned sale of Amex's lower Manhattan headquarters.

"The addition of the American Stock Exchange to the NYSE Euronext family is highly beneficial for our customers and shareholders, and demonstrates our ongoing commitment to growing our business and product lines," said NYSE CEO Duncan Niederauer. "NYSE Euronext is the established leader in global financial-market consolidation, offering the most attractive and diverse array of products of any global exchange. This transaction is consistent with our strategic objectives and will strengthen our competitive position in the U.S., produce significant operational efficiencies, and create new business opportunities."


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Source : http://www.thestreet.com