Euronext digs in over Oslo Børs acquisition with increased offer

Exchange operator commits to ‘strategic project’ for Oslo Børs with improved bid to fend offer Nasdaq.

Euronext has submitted an improved acquisition offer for Oslo Børs as it seeks to outbid Nasdaq for the independent exchange.

Euronext was outbid by Nasdaq in late January, having offered NOK 152 in cash per share for Oslo Bors, valuing deal at around $770 million. Nasdaq’s bid represents a 5% premium on Euronext’s offer of NOK 145 per share or around €625 million.

An improved offer of NOK 158 per share and placing Oslo Børs at the centre of its “strategic project” for the Nordics region was outlined in a statement released by Euronext.

“Euronext remains strongly committed to completing the acquisition of Oslo Børs VPS”, said the statement. “This acquisition is already supported by the majority of Oslo Børs VPS’s shareholders. Euronext aims to increase Oslo Børs VPS’s strong position in the Nordics and to leverage its strengths to support its clients, for the benefit of its employees and the wider Norwegian financial community.”

Euronext outlined that it plans to develop Oslo Børs as the group’s “development hub and launchpad” in the Nordics region, while retaining the firm’s name and independent status within the wider group of Euronext companies.

The exchange operator also reiterated its position of having secured from 50.5% of Oslo Børs shareholders through its initial offer. When confirming its own bid, Nasdaq said the two majority shareholders in the company, representing around 35.1% of the total shares in Oslo Børs, had already agreed to accept its offer.