Borse Dubai Ltd. and Nasdaq have raised their bid for OMX AB, reporting that they have secured 47.6% of its shares as a result.

The cash offer was raised to 265 Swedish kronas for each share in OMX, foror an aggregate consideration of 32 billion kronas (approximately US$4.9 billion).

The exchanges also changed the acceptance level condition under the offer from more than 90% to more than 50%.

The exchanges said that they have now secured irrevocable undertakings from shareholders who in aggregate hold approximately 18.5% of the votes and shares in OMX, at the increased price of Borse Dubai’s cash offer, pushing its control to just under 50%.

Nasdaq and Borse Dubai also said that they are committed to Finansplats Stockholm and the Nordic and Baltic region, including the Nordic and Baltic regulatory and operational frameworks and procedures. They said they will support investments in ongoing research and development in Stockholm and will promote Stockholm as a global financial technology centre of excellence.

“The OMX combination and the prospect of building a world-class global marketplace, unique in its reach and growth potential, will bring benefits to our shareholders and stakeholders alike. We will seek to be a catalyst to attract more investment, listings and trading to the Nordic and Baltic marketplace,” said Bob Greifeld, president and CEO of Nasdaq, in a news release. He continued, “We thank Investor, Nordea Bank, Olof Stenhammar, Didner & Gerge, Nykredit and Magnus Bocker for supporting this offer by entering into irrevocable undertakings.”

“The opportunities for OMX, Borse Dubai and Nasdaq to further develop and link mature and emerging markets through our new combination are very significant. These efforts will place the Nordic and the Baltic markets in a key and pivotal position among global financial centers and Sweden will be a centrepiece for those efforts. We are very pleased to be the first global exchange to bridge the U.S, Europe and the Middle East,” said Essa Kazim, chairman of Borse Dubai.