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HomeLatest NewsEuronext backtracks and withdraws its offer of 5,500 million for Allfunds

Euronext backtracks and withdraws its offer of 5,500 million for Allfunds

Date: March 22, 2023 Time: 13:19:28

Euronext takes a step back in its aspirations to take over Allfunds. The pan-European stock exchange operator has informed the finctech board that it withdrew its indicative offer to acquire 100% of the share capital, which valued the company at 5,500 million euros. The cause lies in the discrepancies that arose in the negotiation of this operation. Specifically, the Allfunds board had considered that the terms of the proposal of the owner of the French trading floor were inadequate and, after failing to reach any agreement on the terms of the proposal in the conversations held, these have been terminated.

In its indicative and conditional negotiation of the unsolicited public offer for the entire share capital of Allfunds, revealed on February 22, Euronext proposed the payment of 8.75 euros per share at a rate of 5.69 euros in cash plus 0. 04059 new euronext shares. Likewise, Euronext had reported that it had been in talks with Hellman & Friedman and BNP Paribas, which together own 46.4% of the share capital of Allfunds Group, to obtain their support for the offer.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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