• More reports on:
  • M&A

Oslo Bors board backs Nasdaq's latest buyout offer

06 Mar 2019


The board of Norwegian stock exchange Oslo Bors on Monday recommended to its shareholders that they may accept a sweetened buyout offer by Nasdaq Inc of the United States and reject an earlier bid from Euronext.

Nasdaq is the preferred owner for Oslo Bors from an “industrial and strategic perspective,” Oslo Bors said, further endorsing Nasdaq’s bid.
Nasdaq on Monday offered to pay as much as 6.8 billion Norwegian crown ($789 million) for Oslo Bors, matching a rival offer by Paris-based Euronext.
The latest offer prices Oslo Bors at 158 Norwegian crowns per share against the 152 crowns offered earlier.
Nasdaq raised its offer after Euronext, on 11 February, raised its own bid to 158 crowns per share from its earlier bid of 145 crowns, which was about to expire. Nasdaq also offered to pay an interest of 6 per cent per annum on the increased offer price, until the conditions required for closing the deal are fulfilled or waived.
The move to consolidate stock exchanges in northern Europe is intended to combine resources and technology and attract new members.
Oslo Bors’s move to combine with Nasdaq needs to be approved by two-thirds of its shareholders, which is required to facilitate any changes to the by-laws of the target company.
“We remain confident that our offer is the superior solution for the shareholders, members, issuers, investors and employees of Oslo Bors VPS,” Nasdaq chief executive Adena Friedman said.
Euronext’s first offer in late December had the backing of slightly more than half of Oslo Bors shareholders, but it did not win over the exchange’s board.
Nasdaq on Monday claimed support of one-third of Oslo Bors shareholders. These shareholders also reaffirmed their intention not to accept the offer made by Euronext, the company said.

Business History Videos

History of hovercraft Part 3...

Today I shall talk a bit more about the military plans for ...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of hovercraft Part 2...

In this episode of our history of hovercraft, we shall exam...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Hovercraft Part 1...

If you’ve been a James Bond movie fan, you may recall seein...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Trams in India | ...

The video I am presenting to you is based on a script writt...

By Aniket Gupta | Presenter: Sheetal Gaikwad

view more