NEW YORK -- The New York Stock Exchange Euronext said on Sunday that its board has rejected a takeover bid from the owner of Nasdaq OMX and Intercontinental Exchange(ICE).

NYSE Euronext Chairman Jan Michiel Hessels said in a statement on Sunday that the Nasdaq-ICE' s $11.3 billion joint bid based on the breakup of NYSE Euronext was not in the exchange operator' s best interests.

"The highly conditional break-up proposal from Nasdaq/ICE would also require shareholders to shoulder unacceptable execution risk,"  Hessels said.

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"Breaking up NYSE Euronext, burdening the pieces with high levels of debt, and destroying its invaluable human capital, would be a strategic mistake in terms of where the global markets are going, and is clearly not in the best interests of our shareholders,"  he added.

Hessels confirmed the Deutsche Boerse deal would create more value for investors.

Meanwhile, Deutsche Boerse also said on Sunday that its planned acquisition of NYSE Euronext was on track after NYSE's board of directors unanimously rejected a counter offer by Nasdaqand ICE.

According to the statement addressed by Deutsche Boerse, the company "shares the view of NYSE Euronext that the agreed merger will create compelling value for shareholders of both companies."

Deutsche Boerse said it has commenced regulatory proceedings and made progress on its 9.5-billion-dollar deal to merge with NYSE. The deal was announced in February, 2011 and would make Deutsche Boerse shareholders to have 60 percent shares of NYSE.

Nasdaq OMX and ICE on April 1 announced a joint bid to buy the NYSE Euronext, a 19 percent premium over previous offer by Germany's Deutsche Boerse.

Nasdaq and ICE said in a statement that the offer would be priced at 42.50 dollars per share. According to the proposal, ICE would purchase NYSE's valuable derivatives business while Nasdaq would acquire its stock exchanges and options businesses.