The fight for Oslo Bors intensified on Monday as Nasdaq Inc. made a formal takeover bid while Euronext NV signaled it may raise its offer to buy Norway’s main exchange.

Nasdaq is ready to pay 152 kroner a share for Oslo Bors VPS Holding ASA, valuing it at 6.54 billion kroner ($770 million), which is 5 percent more than its Franco-Dutch rival has put on the table. Nasdaq already has the backing of the board and the two biggest shareholders. Euronext has won commitments from owners who control just over half of the company.

Oslo Bors, the main trading hub in Scandinavia’s richest economy and home to some of the region’s biggest oil and marine companies, says the “logic” driving Nasdaq’s offer is “strong.” Chief Executive Officer Bente Landsnes told Bloomberg TV on Monday that she decided to back Nasdaq’s bid after speaking with other interested parties. If Nasdaq succeeds, it would extend its Nordic domination, which already includes Denmark, Sweden, Finland and Iceland.

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