Euronext has confirmed that it will not launch a contraopa for BME to compete with the takeover bid launched by the Swiss group SIX. “After careful consideration, Euronext announces today that does not intend to bid on BME“The company explained in a statement.
“Euronext considers that the financial terms of a potential competitive offer, despite significant potential synergies, would not be compatible with the creation of value and an adequate return on invested capital for Euronext shareholders“added the group.
“Euronext remains committed to its ambition to build the leading infrastructure in the pan-European market and take advantage of attractive growth opportunities in line with your financial discipline. Strong operating performance, disciplined capital deployment and the open federal model remain key features of our strategy, “he concluded.
The Euronext announcement comes four days after last Thursday’s National Securities Market Commission (CNMV) authorize the acquisition of 100% of the capital of BME by Six Group, manager of the Zurich Stock Exchange, for a maximum of 2,793 million euros, at a rate of 33.4 euros per share.
Two days before, it was the Minister council the one that gave ‘green light’ to this operation, when understanding its terms adjusted to the current norms and considering sufficient the content of the explanatory brochure presented.
In addition to its competitive offering, Six undertook to ensure the maintenance of market infrastructure activity affected and the continuity of the Spanish stock market as a business financing mechanism. Specifically, he promised to maintain for at least ten years the headquarters, the place of effective management and the substantial operational capacity of the Spanish stock exchange.
Six launched its tender offer for BME in November after preliminary talks between the Spanish stock market and Euronext for a potential acquisition operation of the entire capital stock of the first by the second, without any decision having been made.