Euronext raises Oslo Børs VPS offer to NOK 158 per share


LeapRate reported few days ago that the Board of Directors of Oslo Børs VPS Holding ASA have decided not to recommend Euronext’s acquisition offer, despite the fact that it is supported by the majority of Oslo Børs VPS shareholders.

Euronext, however, showed its determination to acquire Oslo Børs VPS. Euronext’s first all-cash tender offer for the acquisition of all issued and outstanding shares of Oslo Børs VPS for 6.24 billion Norwegian kroner ($740 million) was launched in the middle of January.

Nasdaq Inc. has also offered to buy Oslo Bors VPS Holding ASA for 152 kroner a share, valuing the target at 6.54 billion Norwegian kroner ($770 million).

Looks like Euronext’s one step ahead in the battle, considering that it just raised its offer price to NOK 158 per share. But will this be enough for it to acquire the leading player in the Nordics?

Euronext reminded that its decentralised model will allow Oslo Børs VPS to preserve its local footprint, management and vibrant local market. The exchange gets to keep its company names Oslo Børs and VPS, which are key assets and widely recognised by client community. There will also be no change in the regulatory environment linked to Euronext’s transaction and Finanstilsynet will be invited to join Euronext’s college of regulators, that supervises Euronext at Group-level.

Stéphane Boujnah

Stéphane Boujnah

Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:

We strongly believe that a combination with Euronext provides Oslo Børs VPS with clear and superior benefits compared to any other offer. Oslo Børs VPS will maintain its identity and integrity within Euronext’s decentralised model with a strong impact on the future strategy of the enlarged group. Oslo’s role as a key financial centre will be reinforced. Oslo Børs VPS employees will be empowered to develop the satisfaction of their clients, with the ability to shape the future for Euronext and for the Norwegian economy.

Oslo Børs VPS and Norway will be represented at the Managing and Supervisory Boards of Euronext at Group level. Leading representatives of the Norwegian financial community are welcome to remain as shareholders and become partners of Euronext. We are open to discuss with all stakeholders to present our long-term ambition to create a leading exchange player in the Nordics based in Oslo.

The Acceptance Period of the Offer has been extended for a further 4 weeks and will now expire on 11 March 2019.

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