It sure looks that way. According to the AP's Euronext Holders Give Boost to NYSE Bid, "shareholders of European stock-exchange operator Euronext rejected a proposal Tuesday to commit in principle to a takeover by Deutsche Boerse Group, giving a boost to a rival bid from the New York Stock Exchange."
Euronext operates the Paris, Brussels, Amsterdam, and Lisbon stock exchanges. NYSE bid 7.8 billion euros or $10.2 billion for Euronext; Deutsche Boerse Group, which operates a German stock exchange, bid approximately 8.2 billion euros or $11 billion. Though smaller, Euronext shareholders might find NYSE's bid more attractive because it includes more cash and would require the combined entity to carry less debt.
Euronext's boards recommended the NYSE bid to shareholders. Antitrust concerns may be playing a role here. If Euronext merges with Deutsche Boerse, the deal "would create a single market covering much of Europe." Such a deal likely would receive intense scrutiny from Europe's top antitrust authority whereas a deal between Euronext and NYSE likely would sail right through the regulatory process.
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