Nasdaq plans to acquire Norwegian stock market operator Oslo Børs VPS for NOK6.5bn ($770m) through its indirect subsidiary Nasdaq AB.
Image caption: Nasdaq offers to buy Norwegian stock market operator Oslo Børs VPS. Photo: courtesy of Gabriele Giuseppini/Wikimedia Commons.
The offer, which is at NOK152 ($18.08) per share, has received unanimous support from the board of directors of Oslo Børs VPS. The Norwegian company’s board considers the offer from Nasdaq to be the best alternative for all its stakeholders.
Earlier this month, Euronext, a pan-European exchange, offered to acquire the stock market operator for NOK6.24bn (€625m) or NOK145 ($17.25) per share. Oslo Børs VPS’ board has recommended shareholders to accept the Nasdaq offer and reject the offer made by Euronext.
Oslo Børs VPS chair of the board of directors Catharina Hellerud said: “We have reviewed the offer from Nasdaq thoroughly, and duly considered all factors significant when assessing whether it should be accepted by our shareholders, including comparing the offer with the one made by Euronext.
“Our conclusion is unanimous and clear in that Nasdaq represents a more attractive partner, both from a shareholder value perspective and from an industrial, market and strategic perspective.”
The board believes that a combination with Nasdaq would combine and consolidate the Nordic region as a capital market with strong global distribution and visibility for Norwegian issuers.
Furthermore, the combination will also lead to efficient infrastructure and limited adaptation requirements for Norwegian and Nordic firms.
Nasdaq Nordic president Lauri Rosendahl said: “We see a tremendous opportunity to further strengthen Oslo Børs VPS’ offering and position in Norway as well as increase the strategic relevance of the exchange and the CSD in the Nordic region and around the world.
“Retaining the unique qualities of Oslo Børs VPS as part of Nasdaq Nordic, while further strengthening its leading positions in energy, shipping and seafood would be our two main priorities.”
Both the offers from Euronext and Nasdaq AB are conditional upon receipt of relevant regulatory approvals.
Last month, Nasdaq acquired Quandl, a Canada-based alternative and core financial data provider, for an undisclosed amount, to expand its Analytics Hub business.