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Euronext launches $729 million tender offer for Oslo Bors

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Staff Writer |
Oslo Bors
Acquisition   The offer price is NOK 145 per share, representing a 32% premium

Euronext published the offer document for its previously announced all-cash tender offer to acquire all issued and outstanding shares of Oslo Børs VPS Holding for NOK 6.24 billion (€625m).

The offer price is NOK 145 per share, representing 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.

Each accepting shareholder will also receive an interest payment on the offer price equal to 6% per annum, from the date of acceptance until fulfilment of the conditions of the offer.

The acceptance period of the tender offer commences today, will expire at 17:30 Central European Time on 11 February 2019, and can be extended if appropriate.

Euronext has already secured support for the offer from Oslo Børs VPS shareholders representing 50.5% of the total number of outstanding shares through irrevocable binding pre-commitments to tender shares in the context of the offer, and share purchases.

The offer is subject to fulfilment or waiver of certain conditions, including but not limited to minimum acceptance level of at least 50.01% of Oslo Børs VPS outstanding shares (including shares already held by Euronext), regulatory approvals, short confirmatory due diligence, a favourable vote from a majority of Euronext shareholders and completion of the transaction before 31 August 2019.

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