Oslo Bors to assess revised offer from Euronext before end-February

Maria Nikolova

The Board of Directors will assess the financial terms of the revised offer from Euronext before the end of February.

Oslo Bors will consider the terms of the revised offer it recently got from Euronext in due course. The update was provided in the Oslo Bors report for the fourth quarter of 2018.

Let’s recall that, on January 14, 2019 Euronext NV launched an offer to acquire all the outstanding shares in Oslo Børs VPS Holding ASA for NOK 145 per share. The offer was subject to a number of conditions, including approval from the authorities and the approval of the general meeting of Euronext NV.

Less than a month after that, however, Nasdaq AB submitted an offer to acquire all the outstanding shares in Oslo Børs VPS Holding ASA for NOK 152 per share. The offer deadline expires on March 4, 2019. The offer is subject to a number of conditions, including acceptance by shareholders representing more than 90% of the share capital, and approval from the authorities.

On February 4, 2019 the Board of Directors of Oslo Børs VPS Holding issued a statement supporting the offer made by Nasdaq.

“Based on an overall evaluation of the factors considered relevant, the Board of Directors of Oslo Børs VPS Holding considers the offer made by Nasdaq as the best alternative for all stakeholders (including shareholders, issuers, investors, banks and investment banks operatingin the Norwegian capital market) and therefore unanimously recommends the shareholders of Oslo Børs VPS Holding to accept the offer made by Nasdaq and not to accept the Euronext offer.”

Shortly afterwards, on February 11, 2019 Euronext announced that the offer price for the shares in Oslo Børs VPS Holding ASA is being increased from NOK 145 to NOK 158 per share. The acceptance period of the offer is extended to March 11, 2019.

In today’s report, Oslo Bors says that its Board of Directors will assess the financial terms of the revised offer from Euronext before the end of February.

In addition, Oslo Bors notes that the offers put forward by Euronext NV and Nasdaq AB state that the distribution of any dividend will result in their offer price being adjusted. The interest payments that form part of the offers will also be affected by any dividend payments. The Board of Directors of Oslo Bors has therefore determined that it is currently not appropriate for it to propose the payment of a further dividend for 2018 for approval by the Annual General Meeting.

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