The Board of Directors of Oslo Børs VPS Holding ASA have just decided not to recommend Euronext’s acquisition offer, despite the fact that it is supported by the majority of Oslo Børs VPS shareholders.
Back in December 2018, the pan-European exchange in the Eurozone has raised its commitment to 50.6% of Oslo Børs VPS Holding ASA shares in the context of the tender offer to be launched. The 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.
Just a few days ago, 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). According to Bloomberg, the U.S. firm is is bidding for the main stock exchange in Oslo in a deal that aims to cement its dominance in the Nordic region and push aside a competing offer from Euronext NV.
Euronext, however, informed that it is determined to acquire Oslo Børs VPS and remains committed to a constructive and continuous dialogue with Oslo Børs VPS shareholders, Board and management as well as the wider Norwegian ecosystem.