(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 BÃ¸rs 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 BÃ¸rs' board of directors to seek its support for the cash tender offer for all the outstanding shares of Oslo BÃ¸rs.
Following an invitation to consider an acquisition of shares in Oslo BÃ¸rs organized by a group of its shareholders, Euronext said it has already secured support for its offer from 49.6 percent of Oslo BÃ¸rs 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 BÃ¸rs, at 145 Kroner per share. The per share offer price represents a 32 percent premium to Oslo BÃ¸rs' 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 BÃ¸rs and of the broader Norwegian financial ecosystem.
"Euronext strongly believes that Oslo BÃ¸rs 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.
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