US firm Skadden Arps Slate Meagher & Flom and Swedish outfit Cederquist have been appointed to advise Nasdaq on its $3.7bn (£1.86bn) offer for Nordic and Baltic bourse OMX. The -Stockholm-based bourse is being advised by US firm Cleary -Gottlieb Steen & Hamilton, while Swedish firm Vinge has been engaged to advise on the local issues. Although OMX has accepted the part cash, part stock offer made by Nasdaq, -speculation is rife that an -investment fund owned by the state of Dubai is exploring the possibility of -making a counter offer. The Dubia fund has appointed HSBC to advise on a possible counter offer. -Coincidentally, the Dubai Stock Exchange’s chief executive is the former head of OMX. Ashurst, led by finance partner Mats Booth, advised longstanding clients Bank of America and JPMorgan on the financing of Nasdaq’s acquisition of OMX.