So far we're up to two rejections and, in the instance of the last one, the NYSE didn't feel the need to let the Nasdaq down gently.
NYSE Euronext's board unanimously reaffirmed its commitment to the standing deal with Deutsche Börse AG, saying the improved offer from ICE and Nasdaq this week was "substantially the same" as a previously rejected proposal. "Consequently, our view has not changed," said NYSE Euronext Chairman Jan-Michiel Hessels in a statement. "This proposal does not provide compelling value, has unacceptable execution risk and is therefore not in the best interests of NYSE Euronext shareholders."
In attempting to approximate a guess, the biggest factor is, how much pride does the Nasdaq have? Enough that it'll walk away now or so little it's gonna come back 4 or 5 more times? Chief exec Bob Greifeld seems to be hinting toward the latter.
Bob Greifeld said Wednesday the suitors' game plan goes out one year, and he is prepared to pursue the bid to the "endgame." "We're in this for the duration," Mr. Greifeld said Wednesday in a conference call discussing first-quarter earnings.
So the question isn't so much a matter of "how many times," but "how badly will the Nasdaq let the NYSE humiliate it" before it's had enough and how much can Niederauer get away with in stringing Bob along? Will Greifeld do his laundry? Come over and give him back rubs? Carry his purse? Help him move in over the weekend even though Niederauer obviously could hire and pay for movers? Where will the line be drawn?