Euronext launches formal €625m cash tender offer for Norwegian stock exchange Oslo Bors
Stock market operator Euronext today said it has launched its €625m (£559m) cash offer for Oslo Bors after the Norwegian exchange called for more generous bids.
Euronext has confirmed its offer of 145 Norwegian krona per share, which was originally revealed last month. It said the bid is a 32 per cent premium on Oslo Bors’s closing price on 17 December.
Last month the pan-European exchange said it had secured the support of more than 50 per cent of Oslo Bors shareholders, but the Norwegian stock market said it would look for alternative buyers.
The offer will expire on 11 February, but the company said it can be extended if appropriate.
Euronext chief executive and chairman Stephane Boujnah said: “In a rapidly evolving and increasingly competitive global market, Euronext strongly believes that Oslo Bors would improve its competitive positioning, further increase its relevance to the Norwegian financial ecosystem and reinforce its strong existing international listing franchise by joining forces with Euronext, the leading pan-European market infrastructure.”
But Oslo Bors has told its shareholders to wait for advice before committing to the offer.
“The board is working to find the best solution for shareholders and the Norwegian capital market,” an Oslo Bors spokesman told Reuters.
“We don’t yet know which offer may ultimately be the best. We’re trying to find that out now,” he added.
Euronext, which operates stock exchanges in Paris, Brussels, Amsterdam, Lisbon and Dublin, currently holds a 5.1 per cent stake in Oslo Bors.