Euronext, a pan-European exchange, announced this Thursday that it has received clearance from the Danish Financial Supervisory Authority to acquire up to 100 per cent of VP Securities A/S1.
The Danish regulator gave Euronext the green light on the 15th of July 2020 to acquire VP Securities, the Danish Central Securities Depository, for an undisclosed sum. The regulatory approval from the Danish FSA was the only condition needed by the exchange to complete the transaction.
According to the statement from the exchange this Thursday, the exchange has already secured strong support from existing shareholders of VP Securities, with shareholders representing 90.68 per cent of the total shares having already accepted the exchange’s offer as of today.
The tag-along offer from the European exchange to acquire the remaining shares in the central securities depository will remain open until the 31st of August 2020. For minority shareholders of VP Securities who have already accepted Euronext’s offer will receive settlement on or around the 3rd of August 2020.
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“Any other shareholders and shareholders with specific rights, accepting Euronext offer, before 31 August 2020, which is the latest date to accept Euronext’s offer, will receive payment on or around 10 September 2020,” the company said in its statement today.
Once the settlements have been executed, Euronext plans to initiate a compulsory acquisition procedure in order to acquire the remaining shares that haven’t already been tendered, in accordance with the rules of the Danish Companies Act.
Euronext continues acquisition spree
Euronext has been on an acquisition spree in recent months. As Finance Magnates reported, Euronext Corporate Services, a part of the Euronext Group, acquired two Finish compliance platforms – Ticker Software and Sidonnaisuusrekisteri.fi.
Last year, the exchange managed to acquire Oslo Børs VPS, after battling it out with Nasdaq to try and acquire the stock exchange and central securities depository operator.