Nasdaq raises bid price for Cinnober in face of shareholder opposition

Nasdaq raises bid price for Cinnober in face of shareholder opposition

Nasdaq has raised its offer for Swedish trading tech firm Cinnober to $220 million, after failing to win over shareholders to its earlier valuation of $190 million.

Nasdaq's initial offer for Cinnober failed to garner support among the Swedish firm's shareholders, attracting a vote in favour from only 37% of those canvassed.

The exchange operator says that 82% of shareholders have already accepted the revised bid, including powerful hold-outs such as Swedbank which owns 9.7% of Cinnober's shares.

In upping the revised bid, Nasdaq also moved to mollify Cinnober shareholders by removing a clause which made the offer conditional on achieving all regulatory, governmental and competition authority clearances.

Nasdaq needs to garner 90% of shareholder support for the offer to pass muster by 9 January 2019.
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