Summary
This 8-K filing from Nasdaq, Inc. announces significant updates regarding its ongoing offer to acquire Oslo Børs VPS Holding ASA. Nasdaq has increased its offer price to NOK 158 per share in cash, along with an interest payment, to enhance the attractiveness of its bid. Furthermore, the company has lowered the minimum acceptance condition from over 90% to two-thirds of the shares, aiming to provide greater assurance to Oslo Børs VPS shareholders and increase the likelihood of a successful acquisition. These adjustments are made in the context of competing offers, specifically mentioning Euronext N.V. Nasdaq also secured renewed support from shareholders representing over one-third of Oslo Børs VPS shares who have extended their pre-acceptances. The acceptance period for Nasdaq's offer has been extended to March 29, 2019, and the drop-dead date has been pushed to March 4, 2020, or 60 days after the Euronext offer concludes, indicating a potentially extended timeline for this acquisition battle.
Key Highlights
- 1Nasdaq has increased its cash offer price for Oslo Børs VPS Holding ASA shares from NOK 152 to NOK 158 per share, plus interest.
- 2The minimum acceptance condition for the offer has been reduced from over 90% to two-thirds of Oslo Børs VPS shares.
- 3Shareholders representing over one-third of Oslo Børs VPS have reaffirmed their support and extended their pre-acceptance terms.
- 4The acceptance period for Nasdaq's offer has been extended to March 29, 2019.
- 5The 'drop-dead date' for the offer has been extended to March 4, 2020, or 60 days after the Euronext offer, whichever is later.
- 6These actions are intended to increase certainty and encourage shareholder acceptance amidst a competing bid from Euronext N.V.