Oslo Bors to invite interested parties to participate in offer for its shares

Maria Nikolova

The Board of Oslo Bors VPS Holding plans to invite relevant parties that may be interested in the opportunity of making an offer for its shares to participate in an offer process.

There has been some development around the planned tender offer by Euronext N.V. for all the outstanding shares of Oslo Bors VPS Holding ASA.

In an announcement published earlier today, Oslo Bors noted the information that some other relevant parties did not participate in the compact auction process that was carried out in December. Given this, the Board of Oslo Bors VPS Holding has decided to invite relevant parties that may be interested in the opportunity of making an offer for shares in Oslo Børs VPS to participate in an offer process.

The process is poised to take place now in January, and its purpose will be to find the optimal solution in the best interests both of shareholder value and of the functions of the group’s stock exchange and central securities depository activities in the Norwegian securities market. The Board intends to hold meetings with Euronext and other interested parties before it issues its evaluation and recommendation to shareholders.

The Board of Oslo Børs VPS has engaged Arctic Securities as an advisor to assist with this process.

Let’s recall that, on December 28, 2018, Euronext announced 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).

As part of the contemplated transaction, Euronext is set to 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.

Read this next

Inside View

Crypto Liquidity Providers: No Transaction, No Party!

One of the most integral parts of trading cryptocurrencies is ensuring seamless transactions; however, this is not always easy when you first start using cryptocurrency exchanges.

Digital Assets

Niftables launches white label NFT platform for content creators and brands

Niftables is the go-to platform for brands and creators looking to realize their NFT vision — whether they’re an individual or the biggest entertainment company in the world.

Retail FX

ACY Securities sponsors Table Tennis NSW as CFD broker bets in Australia’s youngest

ACY Securities has partnered with Table Tennis New South Wales (TTNSW) for a two-year sponsorship agreement intended to highlight the Chatswood-based multi-asset CFD broker’s brand in Australia, with a focus on the southeastern state.

Executive Moves

Peter Hetherington appointed CEO of Capital.com, Currency.com, and Shares.com

With his extensive experience driving strategy and growth for leading wealth and brokerage firms in highly regulated markets, Peter is the ideal CEO to lead the Group on its next chapter of growth and success.”

Digital Assets

Crypto platform Elwood raises $70m from Goldman Sachs, Dawn, Barclays, BlockFi, Flow, Galaxy, more

Elwood Technologies has closed a $70 million Series A funding round co-led by Europe’s largest B2B investor Dawn Capital and global investment bank, Goldman Sachs.

Industry News

Wilshire to launch Climate Change 1.5℃ Target Index with Nikkei and Hang Seng

Wilshire has announced a collective launch with Nikkei and Hang Seng to bring to market the first in a series of indexes empowering investors to transition their investments towards a low-carbon and climate resilient economy.

Industry News

Anne Boden’s Starling Bank bets big on UEFA Women’s EURO 2022 tournament

Starling Bank has launched a campaign ahead of the UEFA Women’s EURO 2022 tournament as part of its national sponsorship, the biggest ever for the bank.

Industry News

Older adults flock to financial apps as Revolut reports 215% more UK users aged 55-74 since pandemic

Data has also shown that older adults are back to travelling as the 55-64 UK age group has seen a tenfold increase in the amount spent in foreign countries over the past two years, and the 64-75 age group isn’t far behind with an 840% increase.

Industry News

Ripple replies to SEC’s last attempt and “shoves it down their throats pretty hard”

“The SEC really messed that up. How can Hinman receive legal advice from SEC lawyers for a personal opinion?”, attorney Hogan commented.

<