Euronext increases its commitment in Oslo Bors to 50.6%

Maria Nikolova

The 50.6% commitment includes irrevocable pre-commitments from Oslo Bors shareholders to tender 45.5% of the outstanding shares, and share purchases performed by Euronext, representing a further 5.1% of the capital.

Further to FinanceFeeds’ earlier report about plans by Euronext to submit an all-cash offer for the outstanding shares in Oslo Børs VPS, Euronext today announces that it has raised its commitment from 49.6% to 50.6% of Oslo Børs VPS Holding ASA (Oslo Bors) outstanding shares. This 50.6% commitment includes irrevocable pre-commitments from Oslo Bors shareholders to tender 45.5% of the outstanding shares, and share purchases performed by Euronext, representing a further 5.1% of the capital (2,193,000 shares).

Euronext notes that surpassing the 50% of total outstanding shares threshold shows the interest from Oslo Bors VPS shareholders for Euronext’s offer to be launched, satisfying one of the conditions required for its completion and strengthening Euronext’s confidence on its successful outcome. Euronext says it will continue to feed into a constructive dialogue with all Oslo Bors VPS stakeholders.

Let’s recall that, as part of the contemplated transaction, Euronext would launch a NOK 6.24 billion (€625 million) all-cash offer for the outstanding shares in Norwegian Stock Exchange and national CSD operator Oslo Bors VPS at NOK 145 per share. This represents a 32% premium on Oslo Børs VPS’s closing price on 17 December 2018 and 34% on Oslo Børs VPS’s 3-month volume-weighted average share price.

Euronext’s offer will be subject to certain customary conditions including a short due diligence period, minimum acceptance threshold of 50%, regulatory approvals and a favourable vote of Euronext shareholders.

There can be no certainty that a transaction will be completed, Euronext explains.

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