Oslo Bourse has recommended a $770 million takeover from Nasdaq, usurping a previous bid by Euronext.
Nasdaq's move follows a preemptive bid from Euronext that was formally tabled earlier this month at a price point five percent down on the US exchange's valuation.
Euronext infuriated the board of Oslo Bourse with the timing of its offer, spurring a call for rival bids.
The deal makes strategic sense for Nasdaq, which already operates trading venues in Denmark, Sweden, Finland and Iceland.
“Our customers are primarily Nordic financial groups preferring harmonised services throughout the Nordic region and Nordic delivery models,” says Bente A. Landsnes, president and CEO of Oslo Bourse. “There is already a well-established collaboration between Nordic banks, brokers, broker associations and supervisory authorities. We see a combination for Oslo Børs with Nasdaq to be a natural step to further develop both the Norwegian and Nordic markets.”
Nasdaq claims to have support from shareholders representing 35.11% of the total shares of Oslo Bourse, including the Nordic exchange's two largest shareholders DNB and KLP.
Norway’s Ministry of Finance will decide between the competing bids, based on advice from the Norwegian Financial Supervisory Authority.