Special Dividend Upon Closing of Exchanges Merger

Deutsche Boerse and NYSE Euronext have recommended a special dividend for shares of the new company upon the closing of their merger

Michael Wong, CPA 8 June, 2011 | 10:42AM
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Deutsche Boerse (DB1) and NYSE Euronext (NYX) have recommended to the board of directors a special dividend of EUR 2 per share of the new company upon the closing of their merger. The Deutsche Boerse-NYSE Euronext merger is still contingent upon gaining regulatory and shareholder approval. The special dividend would translate into EUR 2 per share for current holders of Deutsche Boerse and EUR 0.94 per share of NYSE Euronext, based on the proposed merger exchange ratio. Since our future free cash flow assumptions are unchanged, and the decrease in excess cash for the combined company won't be material, we don't anticipate changing our fair value estimate for the companies.

Deutsche

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Michael Wong, CPA  Michael Wong is a stock analyst at Morningstar.

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