Pan-European exchange operator Euronext said it remained committed to transforming the Athens Stock Exchange into a financial gateway for southeastern Europe, but ruled out raising its offer to acquire the Greek bourse.
Euronext operates exchanges in Dublin, Amsterdam, Brussels, Lisbon, Milan, Oslo and Paris.
Euronext has made an offer to buy up to 100% of Hellenic Exchanges - the operator of the Athens bourse - in a move aimed at consolidating European capital markets as it sees fragmentation as one of the reasons behind a competitiveness gap with US markets.
Euronext is offering one new share for every 20 shares held by ATHEX investors, as part of a tender launched on October 6 and ending on November 17. The results will be announced on November 19.
"We will not increase the price of the offer. The offer is on the table. It's available. It's, in our view, a very attractive offer," Euronext's chief executive Stephane Boujnah told a press conference in Athens.
"So, if the offer is not successful, we will not complete it and we walk away. And that's life. That’s business life."
The offer, which is backed by the ATHEX board and leading shareholders, has a minimum acceptance condition of 67%. If Euronext acquires over 90% of ATHEX's total rights, it will start a squeeze-out process for the remaining shares to take full control of the company.
Boujnah said the group believed in Greece’s economic trajectory and the offer was a vote of confidence in the economic potential of the country which has emerged from a 2009-2018 financial crisis.
If the tender offer succeeds, he said, Euronext plans to create an Athens-based support and technology centre for the group.
It aims to enhance ATHEX’s appeal, attract Greek shipping companies listed in other European countries and become a hub for companies in the Balkans, Boujnah said.
