Oslo Bors says a number of parties express interest in making offer for its shares

Maria Nikolova

Meetings have been held with some of the interested parties and new meetings have been agreed with the management of Oslo Bors VPS.

Oslo Bors VPS Holding ASA has earlier today provided an update on its invitation to parties that may be interested in the opportunity of making an offer for its shares.

In a press release, the Exchange explains that there has been information that there were relevant parties other than Euronext who were interested but who did not participate in the auction in question that was initiated by some shareholders in December.

Following the invitation, a number of parties have expressed interest. Meetings have been held with some of these and new meetings have been agreed for interested parties with the management of Oslo Bors VPS. The Board is engaged in a process that aims to find the optimal solution in terms of shareholder value, in addition to a high-quality plan for the further development of Norway’s stock exchange and central securities depository, including in relation to matters such as the ability of companies that make use of the Oslo Bors marketplaces to access capital.

The Board of Directors expects the work undertaken to be extensive and time-consuming. There are very important factors for the Board to consider and it has drawn up a schedule according to which it will provide shareholders with its evaluation and recommendation by the end of February at the latest. The Board of Directors strongly recommends that shareholders await its final recommendation before taking a position on the tender offer.

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

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