Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Big Board operator NYSE Euronext
So what: A fresh buyout proposal from NASDAQ OMX
Now what: The NASDAQ/ICE offer of $42.50 per share is actually 19% higher than the old deal, and there's a fair amount of spread between the bid and the current share price. Whoever walks away with the big prize will have created a truly massive, trans-Atlantic stock exchange -- assuming that American and European regulators allow it. That arbitrage opportunity rests on pure uncertainty about the outcome.
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