Euronext extends acceptance period for Oslo Bors offer

Maria Nikolova

Euronext will continue to receive acceptances of the offer up to April 1, 2019.

Euronext NV (EPA:ENX) has just announced it is amending its Offer to acquire Oslo Børs VPS’s outstanding shares.

The change to terms of the offer concerns the acceptance period, which is now extended. Euronext will continue to receive and accept acceptances of the offer up to April 1, 2019 at 18:00 Central European Time. All other terms of the Euronext offer as revised on February 11, 2019 remain unchanged.

Euronext’s revised bid from February 11, 2019, proposes an Offer Price NOK 158 per share. This is being increased from NOK 145 in the original offer.

The offer price represents a 44% premium on Oslo Børs VPS`s undisturbed closing price as of 17 December 2018 and 46% on Oslo Børs VPS`s 3-month volume-weighted average share price as of 17 December 2018. Each accepting shareholder will also receive an Interest Payment on the Revised Offer Price equal to 6% per annum.

On March 4, 2019, Nasdaq AB, an indirect subsidiary of Nasdaq Inc (NASDAQ:NDAQ), raised its offer for Oslo Bors to NOK 158 per share. Nasdaq’s offer thus became equal (in financial terms) to Euronext’s revised offer.

Nasdaq also reduced the minimum acceptance condition under the Offer from more than 90% of the shares of Oslo Børs VPS to at least two-thirds of such shares (or such higher percentage as may be necessary to comply with any applicable regulatory requirement).

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