Euronext has upped its offer for Oslo Bourse to $785.7 million in an effort to beat off Nasdaq's competitive $770 takeover bid for the Nordic exchange.
The pan-European exchange says it remains strongly committed to completing the acquisition of Oslo Børs in the face of a pushback from the Nordic exchange's Board which saw Nasdaq tabling a bid last month.
While Nasdaq claims to have support from shareholders representing 35.11% of the total shares of Oslo Børs, including the Nordic exchange's two largest shareholders DNB and KLP, Euronext had already secured support from 50.5% of shareholders.
Euronext has sought to assuage the fears of the Oslo Børs' management team in its latest offer, promising that its base in Norway will become a prime development hub under the continued leadership of CEO Håvard S. Abrahamsen.
The pan-European exchange also commits to enhancing Oslo Børs' technology and innovation capabilities, notably through the roll-out of Euronext's proprietary Optiqtrading technology.
Stéphane Boujnah, Euronext CEO and chairman, says: said: "We strongly believe that a combination with Euronext provides Oslo Børs VPS with clear and superior benefits compared to any other offer. Oslo Børs VPS will maintain its identity and integrity within Euronext's decentralised model with a strong impact on the future strategy of the enlarged group. Oslo's role as a key financial centre will be reinforced. Oslo Børs VPS employees will be empowered to develop the satisfaction of their clients, with the ability to shape the future for Euronext and for the Norwegian economy. Oslo Børs VPS and Norway will be represented at the Managing and Supervisory Boards of Euronext at Group level. Leading representatives of the Norwegian financial community are welcome to remain as shareholders and become partners of Euronext. We are open to discuss with all stakeholders to present our long-term ambition to create a leading exchange player in the Nordics based in Oslo."
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