Norwegian stock market operator Oslo Børs VPS has urged its shareholders to accept a revised offer of NOK6.79bn ($795m) from US stock exchange firm Nasdaq.
Image: Exchange building of Oslo Børs VPS. Photo: courtesy of Stein Henningsen/Oslo Børs.
Earlier this month, European stock exchange operator Euronext issued an amended bid of around NOK6.79bn ($795m) as well. However, Oslo Børs VPS has asked its shareholders to reject the revised offer from the European stock exchange operator.
The Norwegian firm said that although both the offers are the same from a purely financial point of view, it prefers Nasdaq to be the preferred owner from an industrial and strategic perspective.
Further, it said that the Nasdaq offer would be more probable than the amended offer from Euronext to promote its long term success while showing regard to the strategic interests of the capital market participants in Norway and in other parts in the Nordic region.
In late January, Nasdaq offered to acquire the Norwegian stock market operator through its indirect subsidiary Nasdaq AB at a price of NOK152 ($17.56) per share. The US company has now increased the offer to NOK158 ($18.25) per share in cash.
Additionally, the US firm is offering an interest payment of 6% per annum on the increased offer price, pro-rated per day from 29 January 2019 until the conditions to the offer are either fulfilled or waived.
Nasdaq president and CEO Adena Friedman said: “We remain confident that our offer is the superior solution for the shareholders, members, issuers, investors and employees of Oslo Børs VPS.
“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.”
Euronext, on the other hand, originally offered to acquire the Norwegian stock market operator for NOK145 ($16.75) in January 2019. About a month later, it sweetened the offer to NOK158 ($18.25).
Euronext said that it has noted the latest offer from Nasdaq and the recommendation of Oslo Børs VPS’ board. The company said that it continues to be open to engage with Oslo Børs VPS’ board, management and shareholders, to discuss further the merits of its offer and strategic plan.