European stock exchange operator Euronext has issued a revised bid of around NOK6.79bn ($786m) for the acquisition of Norwegian stock market operator Oslo Børs VPS.
Image: Euronext Amsterdam/Amsterdam Stock Exchange. Photo: courtesy of Zandcee/Wikipedia.org.
As per the revised bid, Euronext proposes to acquire Oslo Børs VPS for NOK158 ($18.29) per share.
Last month, the European stock exchange operator offered to acquire the Norwegian firm for NOK145 ($17.25) per share for a total of NOK6.24bn (€625m).
The sweetened offer comes following last month’s bid from Nasdaq to acquire the Norwegian stock market operator for NOK6.5bn ($770m) with each share priced at NOK152 ($18.08).
Following the proposal from Nasdaq, Oslo Børs VPS’ board recommended the Norwegian firm’s shareholders to accept the offer and reject the original offer of $17.25 per share made by Euronext.
The revised offer from Euronext is said to have the backing of shareholders, who hold a combined 50.5% stake in the Norwegian stock market operator.
The stock exchange operator hopes that Oslo Børs VPS will become its development hub and platform for its expansion in the Nordics, following its proposed acquisition.
Euronext plans to boost Oslo Børs VPS’s technology and innovation capabilities, especially by the launch of its Optiq trading technology. Further, it proposed that Oslo Børs VPS’ issuers will gain access to the complete range of its suite of corporate services, to help with their financial communication requirements.
Euronex CEO and managing board chairman Stéphane Boujnah 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.”
Euronext expects the proposed transaction to be completed in the second quarter of this year.
Last week, Euronext in partnership with UK-based Quant Insight developed a new alternative data service, called Macro Risk Insight, to provide asset managers with insights into the risk exposure of their investments to global macro factors.
About a year ago, the stock exchange operator completed its previously announced €137m acquisition of The Irish Stock Exchange.