Nasdaq ups its offer on Oslo Stock Exchange to $795m
Nasdaq is back in the game to acquire the Oslo Stock Exchange (Oslo Bors) by upping its offer to $795 million, as a counter bid to Euronext’s last offer.
The Oslo Stock Exchange is in high demand these days
As part of this latest round, Nasdaq is increasing its offer price from NOK 152 ($17.5) to NOK 158 ($18.2) in cash per share, plus an interest payment of 6% per annum.
The new offer values the entire issued share capital of Oslo Bors at NOK 6,795 billion ($795 million).
Nasdaq is reducing the minimum acceptance condition to at least two-thirds of such shares.
This latest bid comes on the back of the continuous back and forth between Euronext and Nasdaq over who’s getting the prized majority of shares.
“We remain confident that our offer is the superior solution for the shareholders, members, issuers, investors and employees of Oslo Bors VPS,” says Adena Friedman, president and CEO of Nasdaq.
Friedman adds: “Nasdaq has a strong track record of successfully operating exchanges in the Nordic region, and we have repeatedly proven that we are able to combine the advantages of being one of the world’s leading market operators with an ability to facilitate the distinctions and individual strengths of national financial ecosystems.”
Nasdaq repeats its vision to unite the Nordic capital market by bringing the Norwegian financial ecosystem together with the Danish, Finish, Icelandic and Swedish ecosystems running on the same technology.
The firm’s argument also includes the intention to provide Norwegian listed companies with access to Nasdaq’s global network, providing increased visibility outside of the Nordics, including North America.
The acceptance period of the offer, previously set to expire on 11 February 2019, has been extended for a further four weeks and will now expire on 11 March 2019.
Euronext already manages the national stock exchanges of five European countries – Belgium, Netherlands, France, Portugal and Ireland. Its most recent acquisition was the Irish Stock Exchange.
Nasdaq is the second-largest stock exchange in the world by market capitalisation, behind the New York Stock Exchange.
