Borse Dubai has tabled an unsolicited offer for Sweden’s OMX valued at US$4 billion in cash, trumping an offer from the Nasdaq Stock Market.

The government-owned Middle East exchange owner said the offer for Nordic stock-exchange operator, which values the company at 27.7 billion kronor (US$4.02 billion), represents a premium of 13.7% to Nasdaq’s cash-and-share offer.

In response, Nasdaq said it remains fully committed to its offer for OMX, which the OMX board unanimously recommended shareholders accept. Nasdaq says its offer, “provides superior long-term value, will strengthen the Nordic region as a financial center by providing enhanced opportunities for economic growth throughout the region, and delivers significant benefits for customers and stakeholders of OMX.” Nasdaq urges OMX shareholders and stakeholders to support the Nasdaq offer.

According to Bob Greifeld, president and chief executive officer of Nasdaq, “We remain convinced that our offer to merge with OMX is in the best short- and long-term interests of all OMX shareholders.”

“As the global leader in the exchange industry, we have more than 36 years of experience in generating value for our listed companies and the trading community, with a proven track record of delivering value to our shareholders,” he added. “This transaction brings together the best of both organizations under a common vision. We are excited to welcome Magnus Bocker and his team into a combined company that has the best technology, most liquid trading platforms, over 4,000 listed companies and a record of successful integration. We believe this compares favorably with the Dubai exchange, with only 51 listed companies dominated by one issuer.”

Greifeld continued, “We remain in close dialogue with the management team and board of directors at OMX and remain committed to structural flexibility and have the financial wherewithal to consider other approaches.”

The Nasdaq offer gives OMX shareholders a 28% stake in the combined company, Nasdaq OMX Group, and the opportunity to participate in the resulting long-term value creation opportunity. It says that the new company combines two highly complementary businesses, uniting Nasdaq’s strong brand, highly efficient electronic trading platform and track record of customer-focused innovation with OMX’s global technology services platform and customer base, efficient Nordic Exchange, and track record of successful cross-border exchange integrations.