Euronext completed its due diligence on and announced an unconditional offer to acquire up to 100% of Oslo Bors VPS’s capital. Franco-Dutch exchange operator offered 158 Norwegian crowns per share for Oslo Bors, valuing it at around 6.8 billion Norwegian crowns ($779 million), the same price offred by rival bidder Nasdaq Inc.
Both exchanges won to buy up to 100% of the exchange earlier in mid-May, effectively extending a six-month battle takeover one of the last independent stock market operators in Europe.
“As previously announced, in order to provide remaining Oslo Børs VPS shareholders an opportunity to tender their shares to Euronext on the same terms, Euronext today launches an unconditional offer at NOK 158 plus a fixed interest payment of NOK 3.21 per share for all issued and outstanding shares in Oslo Børs VPS not already owned by Euronext,” it said.
Euronext, which runs exchanges in Paris, Brussels, Amsterdam, Lisbon and Dublin said its unconditional offer will be open for acceptance until June 28, with shareholders accepting this proposal will receive settlement on June 14.
Euronext Reaps Benefits of ISE Acquisition
Earlier in February, the U.S. exchange operator plus a fixed interest payment of NOK 3.21 per share from 152 crowns.
Euronext has already secured the backing of investors holding 53.2 percent of the shares in Oslo Bors and said its offer is open for the shareholders who supported the Nasdaq bid.
It also reduced the minimum acceptance condition under the offer from more than 90 percent of shareholders to two-thirds, the percentage that Nasdaq had argued as a minimum for takeover to be completed in order to ensure that a buyer would have complete control.
Euronext reported last year strong revenue growth which was mainly owed to acquisition benefits of the which drove listing revenue at Europe’s largest exchange.
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