After six months, Euronext, a pan-European exchange, announced this Wednesday that it has acquired 97.8 per cent of the total issued and outstanding share capital of Oslo Børs VPS.
As , Euronext initially published its offer document on the 14th of January this year. Towards the end of May, the exchange to acquire up to 100% of Oslo Børs VPS’s capital.
Following the acquisition, Euronext will fully consolidate Oslo Børs VPS accounts, the statement published today outlined. The unconditional offer, which was launched on the 31st of May, to acquire the remaining outstanding shares not already owned by the Amsterdam-headquartered firm remains open for acceptance until the 28th of June.
If any outstanding shares remain after this period, Euronext will initiate a compulsory acquisition procedure to acquire any remaining shares not tendered, today’s statement said.
Euronext vs Nasdaq
Euronext’s journey to acquire Oslo Børs VPS was not without competition. After the exchange published its offer document in January, Nasdaq quickly announced that it would towards the end of the month.
After the initial offers were made at the beginning of the year, Euronext and Nasdaq continued to increase their offers and extended the acceptance periods. However, the deciding factor came in May when Norway’s Ministry of Finance gave clearance to Euronext to acquire up to 100 per cent of Oslo Børs’ capital.
With the approval given by the ministry, the pan-European exchange of the exchange and central securities depository operator in Norway by the end of June this year.
Following this decision, Nasdaq AB, an indirect subsidiary of Nasdaq, Inc, to acquire the issued shares of Oslo Børs VPS, because the minimum acceptance condition needed to complete the transaction was “incapable of being satisfied.”
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