The pan-European exchange, Euronext has published the offer document for its all-cash offer to acquire outstanding and as well as issued shares of Oslo Børs VPS Holding ASA (“Oslo Børs VPS”). OsloBørs VPS is an exchange and central securities depository operator.
Euronext is offering NOK 6.24 billion ($730.74 million) to acquire the shares, which translated to NOK 145 ($16.98) per share, which is 32 per cent at a premium on the Oslo Børs VPS’s closing price on December 17, 2018. When measured against the company’s 3-month volume-weighted average share price, the offer is 34 per cent higher, the statement reads.
And further, each shareholder that accepts the Euronext’s offer price will receive an interest payment on the offer price equal to 6 per cent p.a from the date they accept the offer and conditions of the offers are fulfilled. The offer date starts today and will be open till February 19th, 2019.
Oslo Børs has requested its shareholders to wait for the recommendation of its board, which is expected by the end of February at the latest. Per Eikrem, a spokesman for Oslo Børs VPS said: “We don’t yet know which offer may ultimately be the best. We’re trying to find that out now.”
As per Euronext, if the offer is accepted, then it will fully commit on developing Oslo Børs VPS as a stock exchange and central securities depository. Stéphane Boujnah, the CEO and Chairman of the Managing Board of Euronext said:
“If the offer is accepted, Oslo Børs VPS will benefit from the largest European liquidity pool, Euronext’s cutting edge technology and innovation capabilities, and access to new asset classes, tools and markets. Oslo Børs VPS would maintain its identity and integrity within Euronext’s decentralised model, while the CSD VPS would keep its operational independence to serve the Norwegian investor community, in an integrated framework of governance and supervision.”
Further added: “The combination would be a major milestone towards Euronext’s vision of building a consistent pan-European marketplace offering the best-in-class capital markets services.”