European exchange operator Euronext NV yesterday increased its offer for the Oslo stock exchange to US$783 million, besting an offer from US rival NASDAQ.
Euronext said it was raising its offer to 158 kroner per share, which beats an offer made by NASDAQ on Jan. 30 of 152 kroner per share and its original bid of 145 kroner per share in December last year.
The NASDAQ offer was endorsed by the management of Oslo stock exchange, saying it was better for its capital market and companies.
The US-based NASDAQ controls all of the other stock exchanges in the Nordic and Baltic region, while Euronext operates the Paris, Amsterdam, Brussels, Dublin and Lisbon markets.
In addition to putting more money on the table, Euronext said that its offer would help develop the Oslo stock exchange while maintaining its local identity.
“Euronext is committed to maintaining, investing in and developing Oslo Bors VPS as a key market infrastructure in Norway and internationally for the benefit of all stakeholders,” the company said.
“Continuity, local governance and decentralized decision-making are the key principles of Euronext’s model,” it added.
Euronext’s original offer had already attracted the binding acceptance of more than half of shareholders.
Unless either Euronext or NASDAQ withdraws its bid, the future ownership of the Oslo exchange is likely to be decided by Norwegian authorities.
Official approval is required for any acquisition of more than 10 percent.
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