Friday, April 29, 2011
The New York Stock Exchange is finding out what it means to manage shareholders. They're hopping mad that the exchange won't consider a merger with NASDAQ, which is offering a higher bid than the German stock exchange. Some have noted already the irony of the NYSE refusing to meet with NASDAQ. The NYSE has pushed member companies toward greater transparency with shareholders, but apparently transparency doesn't apply to the stock exchange itself. Whatever happens, NYSE is in the middle of a fight with its shareholders that will last until a vote in July. This gives both sides plenty of time to adjust their positions and to appeal to shareholder interests. It should be an interesting battle to watch.