NASD OKs Plan to Sell Nasdaq
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WASHINGTON — National Assn. of Securities Dealers members voted overwhelmingly to turn the Nasdaq Stock Market into a for-profit company.
The approval Friday by 84% of the NASD’s member brokerages clears the way for the association to sell Nasdaq by September. The NASD plan seeks to raise $1.5 billion by making two sales of Nasdaq stock and warrants to brokerages, companies and institutional investors.
The NASD’s next step will be to sell a minority block of Nasdaq stock and warrants by the end of May. A second sale, expected by September, would complete Nasdaq’s transformation into a private company. The sale would leave the NASD with a 22% stake in the new Nasdaq firm.
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