PARIS/OSLO: Pan-European stock market operator Euronext launched its $729 million cash bid for Oslo Bors on Monday, just hours after the Norwegian stock market operator said it had found potential alternative bidders. Euronext, which already runs exchanges in Paris, Brussels, Amsterdam, Lisbon and Dublin, is offering 145 Norwegian crowns per share, valuing Oslo Bors at 6.24 billion crowns ($729 million). The offer is set to expire on February 11.
Euronext said last month shareholders representing a little more than 50 per cent of Oslo Bors’ shares had committed to sell at the offer price, and the Paris-listed firm’s CEO said on Monday these investors could not now sell to anyone else.
“This is not a hostile offer. It was solicited by shareholders, not the board,” Stephane Boujnah added on a conference call. Oslo Bors’s board said on Friday it had sought and found potential alternative bidders, and would issue a recommendation by late February. It urged shareholders to wait for its advice, which top investor Norwegian bank DNB — with a 20 per cent stake — said on Monday it would. — Reuters
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