Euronext won approval from Norway’s Ministry of Finance to buy up to 100% of Oslo Børs on Monday, effectively ending a five-month battle with Nasdaq for one of the last independent stock market operators in Europe. See video HERE.
OSLO, Norway and STOCKHOLM, Sweden, March 25, 2019 (GLOBE NEWSWIRE) — Nasdaq AB, an indirect subsidiary of Nasdaq, Inc. (Nasdaq: NDAQ) (“Nasdaq”), announced today that it is extending the acceptance period of its offer (the “Offer”) to acquire all of the issued shares of Oslo Børs VPS Holding ASA (NOTC: OSLO/OTCMKTS: OSBHF) (“Oslo Børs VPS”) made pursuant to its offer document published on February 4, 2019, as amended by the announcement made on March 4, 2019 (the “Offer Document”), previously set to expire March 29, 2019 at 17.30 CET, to April 30, 2019 at 17.30 CET.
Nasdaq may in its sole discretion further extend or re-open the acceptance period for the Offer (one or more times) prior to the Drop-dead Date (as defined in the Offer Document), subject to Nasdaq AB’s obligation to re-open the acceptance period for the Offer, or by other adequate means permit shareholders of Oslo Børs VPS to accept the Offer, if the minimum acceptance condition has not been satisfied or waived prior to the expiry of the acceptance period and the Euronext Offer (as defined in the Offer Document) is withdrawn after the expiry of the acceptance period but prior to the Drop-dead Date.
For additional information on the strategic rationale for, and the terms and conditions of, the Offer and on Nasdaq’s future plans for the development of and strengthening of Oslo Børs VPS and the Nordic region’s financial ecosystem generally, please refer to the Offer Document which is available at http://ir.nasdaq.com/acquisitions/oslo-validation-access-rights.
For more information about the press release, including a downloadable PDF version, click HERE.
Norwegian exchange operator Oslo Bors has recommended that its shareholders accept a sweetened buyout offer made by U.S.-based Nasdaq Inc on Monday, and reject a bid from Euronext.
Nasdaq is the preferred owner for Oslo Bors from an “industrial and strategic perspective,” Oslo Bors said, reiterating earlier statements endorsing Nasdaq’s bid.
Earlier on Monday, Nasdaq raised its offer price for Oslo Bors to about 6.8 billion Norwegian crowns ($789 million), matching a rival offer by Paris-based Euronext.
Read entire article HERE.
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.
Read entire article HERE.