Nasdaq Challenges Euronext Offer to Acquire Oslo Børs VPS

Oslo Børs VPS Holding ASA (“Oslo Børs VPS”), an exchange and central securities depository operator, has received another acquisition offer. This Wednesday Nasdaq AB, an indirect subsidiary of announced that it will make a public offer in February to acquire all of the issued shares of Oslo Børs VPS.
According to the statement released today, Nasdaq AB is offering to acquire all issued shares at NOK 152 per share ($17.89), with the formal offer set to be made after the offer document is published, which is planned for around the 4th of February, 2019.

As you might remember, earlier this month, Euronext published its offer document for its all-cash tender offer to acquire the outstanding and all issued shares of Oslo Børs VPS, as . As set out in the document, the exchange is offering NOK 6.24 billion ($734.56 million) to purchase the shares, which translates to NOK 145 ($17.07) per share.
The offer price from Nasdaq represents a 5 per cent premium on the offer made by Euronext. However, this excludes the interest payment which the has offered to pay, the statement said.
Nasdaq offer has the unanimous support of Oslo Børs VPS Board
So who is looking like the most likely to acquire Oslo Børs VPS? Nasdaq is certainly the favourite. At the time, when Euronext was the only offer on the table, Oslo Børs VPS appeared reluctant and advised its shareholders that it should await the recommendation of its board, with a spokesperson for the Norwegian company adding that it was not sure if the offer from Euronext was ultimately the best.
Now, the company is putting its weight behind Nasdaq, with the Board of Directors stating that it considers the offer from Nasdaq the “best alternative for all stakeholders” and “therefore unanimously recommends that the shareholders of Oslo Børs VPS accept the Offer and do not accept the offer to acquire the shares of Oslo Børs VPS made by Euronext NV”.