After a long five-month tussle over acquiring the Norwegian Oslo Stock Exchange (OSE), Nasdaq has finally stepped out, withdrawing its offer.
With Nasdaq stepping out, it’s now an all-clear path for rival Euronext N.V., which has recently secured the Norway Ministry of Finance’ approval to buy out more than 50% of Oslo Bors for NOK 158 ($18.39) per share, thus effectively blocking Nasdaq’s upped bid for NOK 158 ($18.2) per share. In its initial bidding, Nasdaq offered NOK 152 ($17.5) per share and an annual interest of 6% as part of the deal.
Both Euronext and Nasdaq had valued the Norwegian stock market operator OSE at around NOK 6.8 billion ($783 million). Nasdaq, which currently owns the Sweden, Denmark, Finland, Iceland, Estonia, Latvia, and Lithuania, stock markets, was hoping for a complete-dominance in the Nordic-Baltic region by acquiring Oslo Bors.
Reports are that, if Euronext acquires the OSE it’ll be able to diversify from shares and derivatives trading. Nasdaq in its recent statement has announced it will release supporters DNB and KLP, two largest shareholders in Oslo Bors, from their obligations.