Euronext has submitted an indicative offer to the board of fund distribution firm Allfunds and the exchange operator is in active discussions with Allfunds' largest shareholders about a takeover, the company said today.
Euronext runs the Dublin, Paris, Milan and Amsterdam stock markets among others.
The offer is currently under consideration by the board of Allfunds, Euronext said in a statement, without specifying the terms or the price offered.
"This indicative offer is conditional, amongst other things, on reaching agreement with existing largest shareholders in Allfunds," Euronext said in the statement.
Allfunds shares soared as much as 29% following the news, hitting their highest level since May and were last up 18%. Euronext shares fell and were last down 7.3%.
Allfunds had a market value of €4.6 billion as of yesterday's close.
The approach was first reported by Bloomberg.
