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

Digital Assets

BlackRock digs further into crypto with metaverse ETF

BlackRock, the world’s largest asset manager with almost $10 trillion in AUM, is set to launch a new metaverse ETF to help investors securely monetize on the booming immersive version of the internet.

Digital Assets

Binance wins license in New Zealand as rival Huobi shutters derivatives

Binance, the world’s largest crypto exchange by traded volume, has obtained licenses to operate in New Zealand, even after rival Huobi shutdown derivatives trading last month due to concerns about regulations.

Retail FX

Hong Kong busts perpetrators of ‘ramp and dump’ scam

Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), has charged thirteen suspects of market manipulation in a joint operation with the local police.

Institutional FX

TradingView integrates market data from German Tradegate exchange

TradingView announced that it ‎has increased data coverage to allow its users to receive information from ‎and get free access to the intra-day and tick data from Tradegate Exchange.

Retail FX

Spotware Systems introduces Custom Push Notifications for cTrader mobile apps

Spotware Systems, a technology provider for the electronic trading industry, is introducing a new push notification feature to alert mobile users of price swings and market fluctuations through their cTrader app.

Market News

The Week Ahead: 30 September from David Madden, Market Analyst at Equiti Group

Sterling dominated the headlines last week, as there were concerns the UK government might struggle to service its debt.

Inside View

How does the quality of signal providers affect your business?

A must-have onboarding process for brokers with investment services like PAMM, MAM, or copy trading

Technology

DBS deploys Nasdaq Trade Surveillance

“The confidence that markets and our clients have in DBS as a safe and trusted banking group is anchored on our ability to detect and respond to anomalous activity, which in turn calls for a robust surveillance and prevention infrastructure.”

Industry News

SEC charges Justin Costello and David Ferraro for securities fraud and posing as billionaire veteran

The Securities and Exchange Commission charged Cannabis executive Justin Costello and David Ferraro, an associate of Costello’s, for promoting the stock of several microcap companies on social media without disclosing their own simultaneous stock sales as market prices rose.

<