Euronext issues one-month offer for Oslo Bors

Business 1/14/2019, 10:10 AM
Euronext issues one-month offer for Oslo Bors

European exchange operator Euronext NV launched its formal bid for Oslo Bors VPS Holding ASA on Monday and said it is prepared to pay 6.24 billion Norwegian kroner (€625 million) in cash or 145 per share. The offer comes with an additional interest payment equivalent to 6% per annum from acceptance to payout. The expiration date for the previously announced takeover intention is February 11, but it can be extended.

The company based in Amsterdam claims it secured the support of investors controlling 50.5%, compared to the 50.1% quota. According to the terms outlined in the documentation, the transaction must be completed by the end of August.

"In a rapidly evolving and increasingly competitive global market, Euronext strongly believes that Oslo Børs VPS 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," said Stephane Boujnah, chief executive and head of board. He vowed to maintain the "operational independence" of central securities depository VPS and the stock market's "identity and integrity within the company's decentralized model."

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Share:

STOXX Europe ...+1.45%

355.80
Chart for: STOXX Europe 600, EUR (Price)

EURONEXT EURO...+2.19%

53.65
Chart for: EURONEXT EURONEXT AIW

Oslo Bors VPS...+2.07%

17.2500
Chart for: Oslo Bors VPS Holding ASA