NEW YORK: Nasdaq and IntercontinentalExchange on Monday withdrew their joint $11 billion bid for the parent of the New York Stock Exchange after the U.S. Department of Justice informed the companies that it would pursue a lawsuit to block the deal.
"NYSE and Nasdaq are iconic...they are fierce competitors," said Christine Varney, Assistant Attorney General of the antitrust division of the Department of Justice, in a conference call. "If these two competitors had merged it would have effectively created a monopoly leading to higher prices, inferior service and less innovation."
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
