Today is a critical day for the Athens Stock Exchange ahead of the results of the public offer for the acquisition of HELEX by Euronext.
According to the prevailing scenario, the outcome of the process will be positive, with the Greek market becoming the 8th member of the largest stock exchange chain in Europe, which already includes Paris, Amsterdam, Brussels, Lisbon, Milan, Dublin and Oslo.
According to “N” sources, Euronext has already managed to gather the minimum required percentage (50% plus one share), which is considered a prerequisite for the transaction to be timely and successful. In fact, the final percentage of participation in the public offer may reach even higher levels, given the recent “pressure”, especially on the part of retail investors, who appeared to be partly hesitant to accept the terms of the agreement.
It should be noted that the consideration does not include cash, but shares of Euronext with an exchange ratio of 20 to 1. This, based on the current price of Euronext on the Paris Stock Exchange (126.7 euros), translates into a value of 6.33 euros/share for HELEX shareholders.
According to estimates, therefore, the outcome will be positive with Euronext holding a percentage, which would exceed the 50% threshold, but it is considered quite difficult to reach the desired 90%, which would allow the European group to proceed more quickly with the procedures for the total acquisition and absorption of HELEX (squeeze out).
However, this has a small impact on the fulfillment of the initial objectives, as the new legislation on acquisitions from abroad, which was submitted and approved in October, gives Euronext the right to raise the issue of the full acquisition at a future general meeting of HELEX. At the meeting, it will need the consent of 2/3 of the shareholders present, in order to obtain a “yes” vote for the full integration of the Greek market.
Therefore, HELEX, even with a delay of some months, will come under the full control of Euronext, activating the next steps, which concern the delisting of the share from the ATHEX board.
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