Euronext secures positive recommendation from Norway’s Financial Supervisory Authority on Oslo Bors deal
The Norwegian Financial Supervisory Authority has concluded that Euronext would be a suitable owner of Oslo Børs VPS.
Earlier today, Euronext announced that it had received the recommendation by the Norwegian Financial Supervisory Authority (Finanstilsynet) to the Norwegian Ministry of Finance, recommending that Euronext should be approved as a suitable owner of up to 100% of the capital of Oslo Børs VPS, as applied for, without ownership or other restrictions.
Euronext now awaits final approval from the Norwegian Ministry of Finance which is the last major condition to complete the transaction. Most of the condition precedents highlighted in Euronext’s Offer document are already met, including but not limited to: (i) Euronext has already secured more than the majority of the capital of Oslo Børs VPS (53.2%) including pre-commitments, shares tendered to the offer, and directly owned shares and (ii) the Euronext’s college of regulators has given its non-objection to the contemplated transaction. In addition, Euronext’s Reference Shareholders who represent 23.86% of Euronext’s capital have confirmed joint support.
Euronext remains confident it will be able to complete the transaction by the end of the second quarter of 2019.
Following requests from Oslo Børs VPS shareholders who to date have either yet to tender their shares to any offer, or tendered to the competing offer, whether Euronext would offer liquidity to all remaining shareholders, Euronext confirms that it will ensure that all remaining shareholders will get an opportunity to tender their shares to Euronext at the same terms in connection with or following final regulatory approval and fulfilment of all offer conditions, through an extended, new or re-opened offer.
Euronext has been in a bidding race with Nasdaq, which has offered the same price per share for Oslo Bors.