Nasdaq exits bidding race for Oslo Bors VPS

Maria Nikolova

Nasdaq says it is not capable to satisfy the minimum acceptance condition for completion of the offer.

The bidding race to acquire Oslo Bors VPS appears to be over, as Nasdaq AB, an indirect subsidiary of Nasdaq Inc (NASDAQ:NDAQ), has just announced that it has withdrawn its offer to acquire all of the issued shares of Oslo Børs VPS Holding ASA.

Nasdaq explains that, under the current circumstances, the minimum acceptance condition for completion of the Offer is incapable of being satisfied. Shareholders who previously accepted the Offer are being released from their obligations under the Offer.

“The support our offer received from the Norwegian business and financial community emboldens our European strategy and strengthens our commitment to our clients and the region,” said Lauri Rosendahl, President Nasdaq Nordic. “This process has allowed us to establish even deeper ties to our clients and we will continue to move their interests forward by further expanding our commodities franchise and extending our overall European presence, of which Norway will remain a crucial part. Further developing and integrating local ecosystems to advance economies through more effective capital markets will remain a key priority for Nasdaq in Europe.”

Nasdaq and Euronext have both offered NOK 158 per share of Oslo Bors. The acceptance period for Euronext’s offer to buy all outstanding shares in Oslo Børs VPS Holding ASA expires this Friday – May 31, 2019, at 18:00 CET.

Earlier in May, the shareholders of Euronext NV (EPA:ENX) 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. Euronext expects to meet the remaining customary conditions and close the transaction before the end of the second quarter of 2019.

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