Euronext Updates on Oslo Bors Takeover, Reveals Unconditional Offer

Earlier in February, Euronext raised its offer to 158 Norwegian crowns from 152 crowns.

Euronext completed its due diligence on the acquisition of Norway’s stock exchange 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 offered by rival bidder Nasdaq Inc.

Both exchanges won approval from Norway’s Ministry of Finance to buy up to 100% of the exchange earlier in mid-May, effectively extending a six-month battle take over one of the last independent stock market operators in Europe.

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“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 would be open for acceptance until June 28, with shareholders accepting this proposal will receive settlement on June 14.

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Earlier in February, the U.S. exchange operator raised its offer to 158 Norwegian crowns 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 the 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 Irish Stock Exchange which drove listing revenue at Europe’s largest exchange.

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