Euronext goes head-to-head with Nasdaq in fight for Oslo Bourse

Euronext goes head-to-head with Nasdaq in fight for Oslo Bourse

Euronext has reaffirmed its commitment to a takeover of Oslo Bourse despite a decision by the Nordic exchange's board last week in favour of a higher bid from Nasdaq.

Nasdaq's $770 million offer followed a preemptive bid from Euronext that was formally tabled early January at a price point five percent down on the US exchange's valuation.

While 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, Euronext had already secured support from 50.5% of shareholders.

The pan-European trading venue has hinted that it may sweeten its offer to get it over line.

"Euronext is determined to acquire Oslo Børs VPS and remains committed to a constructive and continuous dialogue with Oslo Børs VPS shareholders, Board and management as well as the wider Norwegian ecosystem," the Exchange says in a statement. "Euronext will assess available options to adjust its offer and will communicate when appropriate."

Norway’s Ministry of Finance will decide between the competing bids, based on advice from the Norwegian Financial Supervisory Authority.

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