Shareholders will vote on the proposed NYSE Euronext-Deutsche Bourse deal on July 7. And while the proposal will likely generate enough support to push through the deal, people will be watching closely at the margin of victory.

As of right now, NYSE Euronext officials are most likely breathing a bit easier as two influential proxy advisory firms have weighed in in favor of the merger. Institutional Shareholders Services has recently thrown its weight behind the deal, joining Glass Lewis--another proxy advisor.

An ISS report notes: "NYSE anticipates enhancements to its product suite given the highly complementary business resulting in significant synergies (over $500 million in cost savings and $133 million in revenue). In addition, the one-day premium, albeit low relative to normal acquisitions, exceeds that of recent merger-of-equal transactions, including those among exchange operators. Moreover, the post closing ownership split of 60/40 appears favorable to NYSE shareholders given the contribution analysis. On a post-merger basis, NYSE shareholders will retain significant board and management representation with seven out of 17 board seats and current NYSE CEO serving as CEO of the combined company."

At this point, the odds favor the deal, especially in light of the special dividend. But that doesn't mean there's no risk. There's a good of anxiety in Frankfurt. And the anti-trust issue cannot be ignored. European regulators seem especially skeptical at the moment.

For more:
- here's a Financial Times look
- here's the release

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