Euronext finalizes Oslo Bors VPS deal

Maria Nikolova

Euronext now owns 97.8% of the total issued and outstanding share capital of Oslo Børs VPS and will fully consolidate Oslo Børs VPS accounts.

Euronext NV (EPA:ENX) has earlier today announced that it has completed settlement of shares under its offer for the share capital of Oslo Børs VPS. Euronext estimates that it now owns 97.8% of the total issued and outstanding share capital of Oslo Børs VPS and will fully consolidate Oslo Børs VPS accounts.

The unconditional offer launched by Euronext on May 31, 2019, and recommended by the Board of Directors of Oslo Børs VPS, for all issued and outstanding Shares not already owned by it remains open for Acceptance until June 28, 2019 at 18:30 Central European Time.

Euronext says it will, in due course, launch a compulsory acquisition procedure to acquire any remaining shares not tendered in accordance with the rules of the Norwegian Public Limited Companies Act.

A number of Oslo Bors shareholders have made use of Euronext’s bid for Oslo Bors shares since the offer became unconditional on May 31, 2019. 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 was 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’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 held in May. 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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