Nasdaq has launched a bid for Norwegian stock market operator Oslo Bors, setting up a competition with rival bidder Euronext.
The bid of 152 Norwegian kroner per share, – valuing Oslo Bors at 6.54bn kroner (£590m) – is more than Euronext’s previous bid of 145 kroner per share.
But Euronext has claimed owners representing more than half Oslo Bors shareholders have already committed to the sale, and investors could not sell to anyone else. Norwegian bank DNB – a nearly 20 per cent stakeholder in the operator – said it would sell to Nasdaq, however.
Meanwhile, pension provider KLP which holds 10 per cent and Sparebanken Vest which owns 1.6 per cent also said they would sell to Nasdaq, setting up a tussle between the two bidders to persuade various stakeholders to go their way.
All three who said they would sell to Nasdaq had previously said they would not accept Euronext’s offer.
“With the options that are now available, we believe that Nasdaq will offer the strategically best solution for the Norwegian capital market and for the Norwegian Central Securities Depository (VPS),” DNB said.
City A.M. has contacted Euronext for comment.