After months of competing with Euronext, Nasdaq AB, an indirect subsidiary of Nasdaq, Inc, announced this Monday that it has decided to withdraw its offer to acquire the issued shares of Oslo Børs VPS Holding ASA.
According to the announcement, Nasdaq AB has decided to withdraw its offer because the minimum acceptance condition needed to complete the transaction is “incapable of being satisfied.” Because of the announcement, shareholders of Oslo Børs who previously accepted the offer are being released from their Obligations .
Euronext vs. Nasdaq AB
Since the end of January, Euronext and Nasdaq have been in a race to acquire Oslo Børs. The European Exchange originally published its offer document on January 14 this year, and Nasdaq quickly announced that it would release a counter offer towards the end of January.
After the initial offers were made, Euronext and Nasdaq continued to increase their offers and extended the acceptance period. However, the deciding factor came earlier this month when Norway’s Ministry of Finance gave clearance to Euronext to acquire up to 100 percent of Oslo Børs’ capital
As Finance Magnates reported, with the approval given by the ministry, the pan-European exchange confirmed its intention to complete the acquisition of the exchange and central securities depository operator in Norway by the end of June this year.
Lauri Rosendahl, President of Nasdaq Nordics
Source: Nasdaq, Inc.
Commenting on the withdrawal, Lauri Rosendahl, President Nasdaq Nordic said: “The support our offer received from the Norwegian business and financial community emboldens our European strategy and strengthens our commitment to our clients and the region."
“This process has allowed us to establish even deeper ties to our clients and we will continue to move their interests forward by further expanding our commodities franchise and extending our overall European presence, of which Norway will remain a crucial part."
“Further developing and integrating local ecosystems to advance economies through more effective capital markets will remain a key priority for Nasdaq in Europe.”
