Euronext's Strategic Move: Voluntary Offer for ATHEX Shares

Euronext Launches Voluntary Exchange Offer for ATHEX Shares

Euronext has initiated a significant voluntary exchange offer aimed at acquiring all common registered shares of ATHEX, marking a pivotal moment in the evolution of European capital markets. This move highlights Euronext's commitment to creating a more interconnected and competitive financial landscape within Europe.

Approval and Offer Details

The announcement comes after Euronext received all necessary regulatory approvals, paving the way for the commencement of the offer. Valid from early October to mid-November, the exchange proposal outlines a ratio of one Euronext share for every twenty ATHEX shares, adhering to Greek legislative requirements.

Strategic Rationale Behind the Offer

This strategic integration is expected to significantly benefit Greek financial market participants. With access to a vast network boasting over 1,800 listed companies and a total market cap exceeding €6 trillion, Euronext's ambitions reflect strong confidence in Greece's economic potential.

Fostering Growth and Integration

• Access to Europe's Largest Liquidity Pool: Euronext is set to enhance Greek market efficiency through its advanced trading platform, Optiq®.
• Facilitating Financing for Greek Corporates: Euronext’s framework aims to strengthen the visibility and competitive edge of Greek firms within Europe.
• Positioning ATHEX as a Regional Hub: As a cornerstone of Euronext, ATHEX will lead efforts to attract Southeastern European firms into Athens.
• Unified Post-Trade Infrastructure: Euronext plans to consolidate European post-trade processes, benefiting all participants by streamlining operations.
• Value Creation for Shareholders: This offer presents a unique opportunity for ATHEX shareholders to invest in a robust pan-European business model.

ATHEX Board's Unanimous Support

The Board of Directors at ATHEX has expressed unanimous support for the tender offer, reinforcing confidence in the strategic benefits of this integration. A formal cooperation agreement has been signed, further assuring stakeholders of the commitment to this new direction.

CEO's Vision for the Future

Stéphane Boujnah, the CEO of Euronext, emphasized that Europe is advancing towards a more integrated capital market. He highlighted the importance of this acquisition in enhancing Greece's role within European financial systems, aiming for a more efficient and accessible market framework.

Timetable for the Exchange Offer

Important dates to note include the commencement and conclusion of the acceptance period in October and November, respectively. Detailed steps for ATHEX shareholders wishing to participate in the offer have been clearly outlined, ensuring a smooth transition for interested parties.

Expected Financial Impact and Integration Plan

Euronext anticipates substantial synergies post-integration, targeting cash savings of €12 million by 2028, along with a robust financial performance in the coming years. The acquisition will also involve expanding Euronext’s presence in the Greek market to enhance liquidity and investor engagement.

Frequently Asked Questions

What is the purpose of Euronext's offer for ATHEX shares?

The offer aims to integrate ATHEX into Euronext, enhancing market efficiency and providing ATHEX shareholders with access to a broader European market.

How will the exchange ratio work for ATHEX shareholders?

The exchange ratio is set at one Euronext share for every twenty ATHEX shares held, providing an opportunity for seamless integration into Euronext's system.

What are the benefits of this acquisition for Greek companies?

The acquisition will facilitate greater access to financing and visibility within a larger European market, promoting overall growth and operational efficiency.

What support has ATHEX's Board provided for this offer?

The ATHEX Board has unanimously supported the offer, demonstrating confidence in the strategic direction and expected benefits of integration.

When will the offer period begin and end?

The acceptance period for the offer commences on October 6 and concludes on November 17, providing ample time for shareholders to consider their participation.

About The Author

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