NYSE Euronext stuck to its deal with Deutsche Boerse AG over a higher takeover bid from Nasdaq OMX Group, calling the rival offer too risky and counter to the Big Board's vision. The NYSE board's decision on Sunday smacks the ball back in the court of Nasdaq, which with partner IntercontinentalExchange Inc will have to decide whether to appeal directly to NYSE shareholders, raise the $11.3 billion bid, or walk away.Perhaps setting the tone for what could be a drawn-out bidding process, NYSE Euronext Chief Executive Duncan Niederauer criticized Nasdaq's unsolicited bid as hollow and undefined, saying it would unacceptably carve up his transatlantic exchange operator."It's hard to call it an offer because it's a loosely worded proposal that was, in our minds, an empty vessel," he said in an interview."We had a strategy. The combination with Deutsche Boerse is consistent with that strategy. A dismantling of the company is not. End of story," added Niederauer, who would take the reins of a combined Deutsche Boerse-NYSE Euronext.
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