Deutsche Boerse has revised its proposed bid to merge with Paris-based bourse Euronext in the hope of usurping a rival offer by the New York Stock Exchange (NYSE).
The Frankfurt-based stock exchange yesterday announced details of the modified proposal, which alters structural arrangements outlined in the company's original offer to join with Euronext.
The financial aspects of the offer, worth €8.6 billion when announced at the end of last month, were left unchanged.
As part of the revised bid, Deutsche Boerse said that the headquarters of any new company would not have to be located in Frankfurt and that control of group functions would be shared between the German centre and Euronext's sites in Amsterdam and Paris.
Analysts claim that the company is now likely to seek support for its revised offer from European politicians, a number of whom have said that they favour a merger between Deutsche Boerse and Euronext ahead of a transatlantic deal.
Commenting on the revised offer, Deutsche Boerse chairman Kurt Viermetz said: "We are convinced that on the basis of our revised proposal, stressing balance and federal concepts successfully developed by Euronext in the past, our proposal is convincing for Euronext stakeholders as well as for further partners in European countries, like Italy."
But the NYSE, which beat Deutsche Boerse by agreeing on a €7.9 billion a merger deal with Euronext earlier this month, dismissed its rival's revised offer and said there was no reason for it to change its own arrangement with the takeover target.
NYSE chief executive John Thain told the Reuters news agency that there was nothing substantially new in the latest Deutsche Boerse proposal.
"Based upon what I have seen so far, I don't see any reason to change any element of our transaction," he said.
Yesterday, Mr Thain told the Financial Times that a merger between the NYSE and Euronext could lead to the creation of a new bourse to rival the London Stock Exchange (LSE).
If the partnership goes ahead, the merger will create the first transatlantic stock market worth $20 billion (£11 billion).
Stock exchanges across the globe have been looking to merge in recent months in order to cut business costs in an increasingly competitive market.