Euronext has launched its voluntary exchange offer for the acquisition of all common registered ATHEX shares.
ATHEX shareholders have until 17 November to accept the tender offer, which will exchange every 20 ATHEX ordinary shares for one new Euronext ordinary share. Euronext must gain 67% of ATHEX’s voting rights by this time – represented by 38,759,500 shares – to give it a total 90% of voting rights.
An announcement of the offer’s results is expected on 19 November. If conditions are fulfilled, Euronext will take control of ATHEX on 24 November.
ATHEX reported increased revenues year-on-year for H1 2024, with the listings division popping 27% to €2.5 million, and trading up 37% to €6.5 million.
The deal, which was first announced in July, has received positive market feedback.
READ MORE: Euronext-Athens’ deal gets cautious welcome from analysts
Euronext states that the integration of ATHEX into its European network would improve liquidity for the Greek market, through the adoption of its Optiq trading platform, and support a single post-trade infrastructure across the continent. Euronext Clearing will be expanded to cover Greek securities.
The group also plans to make ATHEX its Southeast Europe hub for listings in the region.
READ MORE: Euronext prepares for ATHEX takeover
CEO and managing board chairman Stéphane Boujnah commented, “Europe is entering a new strategic phase in building more integrated European capital markets that serve local economies within the framework of a Savings and Investments Union.
“Greece’s robust economic growth, supported by rising investment, growing international confidence, and solid fundamentals, makes this the right moment to strengthen its market. Through the integration of ATHEX into Euronext’s ecosystem, Greece will play a key role in this European project. This move will enhance the visibility and international appeal of the Greek market, supporting the shared European goal of stronger, integrated and more efficient capital markets.”
The ATHEX board of directors has given the initiative its full support.
