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Euronext launches cash tender offer for Oslo Børs

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Euronext launches cash tender offer for Oslo Børs

Euronext NV launched a formal cash tender offer to acquire all issued and outstanding shares in Norway's Oslo Børs VPS Holding ASA for a total of 6.24 billion kroner.

The Dutch stock exchange operator offered to pay 145 kroner per share, which is equivalent to a 32% premium on Oslo Børs' closing price on Dec. 17, 2018. Shareholders would also get a yearly 6% interest on the offer price for every share they sell from the date of acceptance until the offer conditions are met.

Euronext noted that the offer remains subject to certain regulatory and special conditions, including a minimum acceptance level of 50.01% of Oslo Børs' outstanding shares. The transaction must also be closed before Aug. 31.

In late 2018, Euronext said it had secured the backing of majority of Oslo Børs' shareholders representing 50.6% of the company's capital.

The acceptance period for the offer will run until Feb. 11, but could be extended.

Oslo Børs spokesman Per Eikrem said the Norwegian company was not sure whether the offer would be the best, reiterating that shareholders must wait for the board's recommendation by February-end, Reuters noted. The board earlier said there are other parties interested in acquiring Oslo Børs.

As of Jan. 11, US$1 was equivalent to 8.53 Norwegian kroner.