Nasdaq has increased its stake on Oslo Bourse with the purchase of 844,071 shares in the Norwegian exchange operator, upping the ante in its fight with Euronext over control of the business.
Euronext and Nasdaq have both tabled identical bids of $790 million for the Nordic bourse in a back-and-forth exchange which has been ongoing since the turn of the year.
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.
With both bids now deemed fit and proper by Nowegian financial market regulators, Nasdaq has moved to aggressively pursue its bid, claiming ownership and pre-commitments for 37% of Oslo's share capital.
Lauri Rosendahl, president Nasdaq Nordic, says: “Based on the support by the board and key stakeholders, we remain confident that our offer is the best alternative for the continued long-term success of the Norwegian financial markets, and we look forward to the final decision of the Ministry of Finance.”
While Nasdaq's offer has been recommended by the Oslo Bourse board, Euronext maintains pole position with support from 50.5% of shareholders.