Holiday bonus

24 December 2018 By Lisa Jucca Follow @LJucca

The pan-European group is ready to pay 625 mln euros for the Norwegian exchange. The festive offer already has the support of nearly 50 pct of investors. In the consolidating world of electronic trading, it’s getting harder to play alone. Accepting the holiday hamper makes sense.

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Pan-European stock exchange Euronext said on Dec. 24 it had approached the board of Norway’s Oslo Bors VPS to seek support for a cash offer worth 6.24 billion Norwegian crowns (625 million euros).

The offer is equivalent to 145 Norwegian crowns per share, a 32 percent premium to Oslo Bors’s closing price on Dec. 17, and about 21 percent above its closing price on Dec. 20.

Euronext said investors representing 49.6 percent of the shares had already indicated their support for the offer. It is subject to approval from Oslo Bors’s board of directors, and from regulators.

Shares in Euronext were down 0.25 percent at 47.32 euros by 1020 GMT on Dec. 24. Oslo Bors shares closed at 120 Norwegian crowns on Dec. 20.

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