Investors appear to be less than enamored of the consolidation of global stock exchanges. According to The Wall Street Journal, several exchanges that have been involved in recent bidding wars, including the New York Stock Exchange and the Deutsche Boerse in their bids for Euronext, have seen massive investor defection. The Journal cites as one reason for the falling exchange prices is investor perception that they’re not getting the biggest bang for their buck, as offers for Euronext, for example, do not offer a premium beyond the company’s market price.
