Nasdaq has raised its offer price for Oslo Bourse to $789 million, matching a rival bid from Euronext.
Nasdaq's new valuation prolongs an ongoing tug of war with Euronext over the takeover of Oslo Bourse. Euronext kicked off the bidding with a EUR625 million offer for the Nordic exchange that was first tabled back in January.
Oslo Bourse management rebuffed the approach and invited rival bidders, paving the way for Nasdaq to enter the bidding.
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.
“We remain confident that our offer is the superior solution for the shareholders, members, issuers, investors and employees of Oslo Børs VPS,” says Adena Friedman, president and CEO of Nasdaq. “Nasdaq has a strong track record of successfully operating exchanges in the Nordic region, and we have repeatedly proven that we are able to combine the advantages of being one of the world’s leading market operators with an ability to facilitate the distinctions and individual strengths of national financial ecosystems.”