World Markets
ENX

Euronext Makes EUR 625 Mln Takeover Bid For Oslo Bourse

(RTTNews.com) - Euronext N.V. (ENXB.BE, ENX.BR, ENX.AS, ENX.PA), said Monday that it has made a takeover bid of 625 million euros, or $713 million, for Oslo Børs VPS Holding ASA, the Norwegian Stock Exchange headquartered in Oslo.

Euronext, a pan-European group managing the national stock exchanges of five European countries, has approached Oslo Børs' board of directors to seek its support for the cash tender offer for all the outstanding shares of Oslo Børs.

Following an invitation to consider an acquisition of shares in Oslo Børs organized by a group of its shareholders, Euronext said it has already secured support for its offer from 49.6 percent of Oslo Børs shareholders.

As part of the contemplated transaction, Euronext will launch an all-cash offer of Norwegian Kroner 6.24 billion, or 625 million euros, for the outstanding shares in Oslo Børs, at 145 Kroner per share. The per share offer price represents a 32 percent premium to Oslo Børs' closing price on 17 December 2018.

Euronext said that if its buyout offer is accepted, it would be fully committed to support the development of Oslo Børs and of the broader Norwegian financial ecosystem.

"Euronext strongly believes that Oslo Børs VPS' unique strategic and competitive positioning, including a global leading position in seafood derivatives and a deep-rooted expertise in oil services and shipping, would further strengthen Euronext's position as the leading market infrastructure for the financing of the real economy in Europe," Euronext said in a statement.

Euronext's offer will be subject to certain customary conditions including a short due diligence period, minimum acceptance threshold of 50 percent, regulatory approvals and a favorable vote of Euronext shareholders.

If completed, the transaction would follow Euronext's recent acquisition of the Irish Stock Exchange and would represent another milestone in the company's efforts to build a consistent pan-European marketplace that offers the best capital markets services.

Read the original article on RTTNews (http://www.rttnews.com/2965244/euronext-makes-eur-625-mln-takeover-bid-for-oslo-bourse.aspx)

For comments and feedback: contact editorial@rttnews.com


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

RTTNews

Founded in the late 1990s by Andrew Mariathasan in New York, with the goal of covering Wall Street for a new generation of investors, RTTNews has expanded steadily over the years to become a trusted provider of content for a wide array of subjects across several platforms. RTT's Financial Newswire is relied upon by some of the world's largest financial institutions, including banks, brokerages, trading platforms and financial exchanges.

Learn More