Euronext estimates it controls 97.7% of Oslo Bors VPS capital

Maria Nikolova

Euronext plans to initiate a compulsory acquisition procedure to acquire the remaining shares not already tendered.

Euronext NV (EPA:ENX) estimates it now controls 97.7% of the total issued and outstanding share capital of Oslo Børs VPS. The estimate includes capital Euronext controls through direct ownership, irrevocable commitments and acceptances of its offers from January 14, 2019 and May 31, 2019.

Earlier this week, Euronext put the size of its stake in Oslo Bors at 61.4%. A number of shareholders have since made use of Euronext’s bid for Oslo Bors shares. On Thursday, for instance, DNB Livsforsikring AS (DNB Liv), a subsidiary of Norwegian financial services group DNB ASA, accepted Euronext’s offer to buy all of the 8,522,045 shares that DNB Liv holds in Oslo Børs VPS Holding ASA. As a result of the transaction, DNB Liv’s total shareholding in Oslo Bors is reduced from 19.82% to 0. The accepted offer price is NOK 158 per share plus interest payment (which amounts to approximately NOK 3 per share).

Euronext launched an unconditional offer on May 31, 2019 for all issued and outstanding Shares not already owned by it.

Settlement of the shares is expected to occur by June 14, 2019. Following such settlement, as the owner of more than 90% of the shares and votes of Oslo Børs VPS, Euronext plans to initiate a compulsory acquisition procedure to acquire the remaining shares not already tendered in accordance with the rules of the Norwegian Public Limited Companies Act.

Euronext’s shareholders voted in favour of Euronext’s acquisition of up to 100% of Oslo Børs VPS’s capital during the General Meeting of Shareholders. The shareholders’ approval was the last major condition to complete the transaction, since most of the other condition precedents highlighted in Euronext’s offer document were already met, including the clearance received from the Norwegian Ministry of Finance.

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