Euronext, the leading pan-European exchange in the Eurozone, is still committed to completing its acquisition of Oslo Børs VPS Holding ASA, an exchange and central securities depository operator, the company announced this Monday morning.
The announcement from the exchange comes just days after Nasdaq AB, an indirect subsidiary of Nasdaq Inc. revealed on Friday that it would also make a public offer this month to acquire all of the issued shares of Oslo Børs VPS.
Euronext was the first to state its intention of acquiring Oslo Børs VPS. As Finance Magnates reported, the company published its offer document on January 14 this year.
As per the document, the exchange is offering NOK 6.24 billion ($730.74 million) to purchase the shares, which translates to NOK 145 ($16.98) per share. Nasdaq, however, announced on February 1 that it is willing to offer NOK 152 per share ($17.89).
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At the time of Nasdaq’s announcement last Friday, the Board of Oslo Børs VPS put its weight behind Nasdaq’s offer and advised its shareholders to accept its deal instead of Euronext’s.
Euronext is Down but Not Out
However, today, even though its offer was not recommended by the Board, Euronext stated that it is determined to acquire Oslo Børs VPS. Already, the exchange has secured support from shareholders who represent 50.5 percent of the total number of outstanding shares.
According to the statement, this support has been given through “irrevocable binding pre-commitments to tender shares in the context of the offer, and share purchases.” Furthermore, the exchange highlights that its offer is subject to a minimum acceptance condition of 50.01 percent, which has already been met.
Now, the exchange is awaiting approval from the Ministry of Finance in Norway, who will ultimately decide between Nasdaq and Euronext’s acquisition offer. Once approval has been granted, the European exchange can complete its acquisition, the statement said.
In the statement released today, the exchange said that it is: “committed to a constructive and continuous dialogue with Oslo Børs VPS shareholders, Board and management as well as the wider Norwegian ecosystem. Euronext’s Reference Shareholders have also confirmed their joint support to Euronext for this transaction. Euronext will assess available options to adjust its offer and will communicate when appropriate.”