Pan-European exchange Euronext has ramped up its battle with Nasdaq for Norwegian stock exchange Oslo Bors claiming its takeover bid is all but a done deal.
The US stock exchange giant improved its offer earlier this week to match that of Euronext, and also gained the support of the Oslo Bors board.
Both offers of 158 Norwegian kroner, value the business at roughly 6.8bn Norwegian kroner (£600m), however, Oslo Bors said Nasdaq’s offer was more likely to promote the long-term success of the company.
But Euronext chief executive Stephane Boujnah told City A.M. Euronext’s acquisition would go ahead “if everything is done by the book.”
The European operator has support from 50.5 per cent of shareholders and Boujnah expected its offer to be given regulatory clearance by the end of May.
Despite the noise from Nasdaq, Boujnah said he was “determined and confident.”
He said: “I believe the dust will settle and at the end of the day there are hard facts and applicable rules and regulations, which should lead to a normal outcome with the rights of shareholders being respected.”
Euronext, which acquired the Irish Stock Exchange last year, applied for regulatory clearance of its offer on 14 January, he said, and expected approval to be granted by early June..
But Nasdaq, said it had secured support more than 30 per cent of shareholders, and the Oslo Bors board has urged investors to back its bid.
Nasdaq chief executive Adena Friedman said: “We remain confident that our offer is the superior solution for shareholders, members, issuers, investors and employees of Oslo Bors.”
Nasdaq also reduced the minimum acceptance conditions of its offer from more than 90 per cent, to at least two thirds of the shares of Oslo Bors.