NASD Board OKs Plan for Amex Purchase

The National Assn. of Securities Dealers’ board unanimously approved final terms of a plan to acquire the American Stock Exchange. The final terms for merging NASD’s Nasdaq Stock Market with the Amex sweetens the pot for Amex members by offering additional protection for the value of their exchange seats. It increases to $50 million, from $30 million in the original proposal, the amount set aside to pay members who want to sell their seats and also gives more influence to those who remain. A special meeting of Amex’s 864 seat holders has been set for May 28, and a two-thirds vote is required for the merger’s approval. The acquisition is also subject to regulatory approval.