(Reuters) -Pan-European exchange operator Euronext on Friday said it is cutting the acceptance threshold from 67% to 50% plus one share of the voting rights in its bid to take control of the Athens
Euronext Reduces Acceptance Threshold for Athens Bourse Acquisition
Euronext's Acquisition Strategy
(Reuters) -Pan-European exchange operator Euronext on Friday said it is cutting the acceptance threshold from 67% to 50% plus one share of the voting rights in its bid to take control of the Athens stock exchange.
Details of the Offer
On Oct 6, Euronext made an offer to buy up to 100% of Hellenic Exchanges - the operator of the Athens bourse - in a move aimed at consolidating European capital markets, as it sees fragmentation as one of the reasons behind a competitiveness gap with U.S. markets.
Implications for Shareholders
The acceptance threshold refers to the minimum percentage of shareholders who must accept the offer for the bid to proceed.
Current Market Response
"To date, Euronext’s voluntary exchange offer has not attracted any competing offers, and, in line with Greek law, no further offers can now be submitted," it said in a statement.
The lower threshold provides shareholders of the ATHEX Group, which operates the Greek capital market, who want to sell their stakes a greater chance to secure the premium offered by Euronext, it said.
(Reporting by Aleksandar Vasovic; Editing by Hugh Lawson)
