Euronext confirmed it is looking at offers from both the German stock exchange and the New York Stock Exchange.

The directors of Euronext, the pan-European share and derivatives exchange, are meeting this afternoon to consider the offers. They will then be discussed by shareholders at the company's AGM tomorrow.

The NYSE outlined its proposals in an open letter to Euronext directors. It said the merged firm would be the "world's premier listing venue" with total market value of $27 trillion - nearly three times that of the next largest marketplace.

The two firms would have a combined market cap of $21bn. The proposal calls for a board made up of 11 directors from NYSE and nine from Euronext, chaired by Euronext's current chairman Jan-Michiel Hessels. Senior management will come equally from both companies.

Each Euronext shareholder will be entitled to 0.98 of a share in the newly-created firm, to be named NYSE Euronext, and €21.32 in cash.

Read the whole NYSE statement here. ®