Euronext is pressing ahead with a EUR625 million takeover bid for Oslo Bors as the Scandinavian trading destination seeks to ignite a bidding war with alternative suitors waiting in the wings.
Euronext's decision to proceed with the offer comes as Oslo Bors claims to have received rival bids which will be put before the market by late February.
Euronext claimed last month to have secured the backing of a majority of Oslo Bors shareholders for its tender offer - which was first notified in a statement issued on Christmas Eve - but Oslo Bourse believes the timing of the pan-European exchange's approach put potential alternative buyers at a disadvantage.
As such it invited alternative suitors to come forward, and is urging shareholders to hang fire while its speaks with other potential partners.
“The board is working to find the best solution for shareholders and the Norwegian capital market,” says Oslo Bors spokesman Per Eikrem. “We don’t yet know which offer may ultimately be the best. We’re trying to find that out now."