The US stock exchange wants to buy all Oslo Brs VPS shares at a price of 152 Norwegian crowns, which is 5% higher than Euronext's offer, which gives 145 crowns per share. The Nasdaq offer Oslo Stock Exchange valued at 674 million euros.
Euronext said it has an irrevocable shareholder support that represents 50.5% of the Oslo Stock Exchange's capital and launched on January 14th. At the request of the AOF, the pan-European exchange does not want to comment.
Nasdaq's Oslo Stock Exchange is valued at $ 770 million. Nasdaq boasts the support of the Board of Directors and the General Management of the Oslo Stock Exchange. They have decided to recommend shareholders to accept the offer of the American group and not to accept the Euronext offer.
In addition, the two largest shareholders of Oslo Brs, DNB and KLP agreed to submit their shares. Overall, Nasdaq received irrevocable pre-equities representing 35.11% of Oslo's registered capital.
For UBS, local regulators could play a key role in determining the outcome of this bidding war. In their view, they have four months to decide whether Euronext is an appropriate and correct operator of the stock market. Without anticipating the final result, the analyst believes that the support of the Board of Directors and the support of 35% of Nasdaq shareholders should influence regulators' decisions.