Market professionals and investors voiced a series of concerns over the deal—particularly regarding the valuation, the structure of the offer, and its implications for Greek shareholders.
The first major issue is the offer price. Euronext has valued HELEX at €399 million, or €6.90 per share. For many in the market, this figure appears unconvincing—especially when compared with valuations seen in similar transactions within the exchange sector. That skepticism was made evident when HELEX shares closed at €6.96, higher than the offer price, suggesting investors expect a better deal. Trading volumes further reinforced this sentiment: nearly 4.5% of HELEX’s total shares changed hands in a single day, widely interpreted as a sign that the market believes €6.90 undervalues the company.
Beyond price, the structure of Euronext’s offer has raised eyebrows. Rather than proposing a cash acquisition, Euronext is offering a stock-for-stock exchange—an approach that limits the immediate value for HELEX shareholders. Under the current terms, investors would receive 21.029 HELEX shares for every one Euronext share. The exchange rate is fixed, meaning there are no protections for HELEX shareholders if Euronext’s share price fluctuates. This concern is more than theoretical. The conversion price was calculated using a value of €145.10 per Euronext share, yet the stock dipped to €142 just yesterday. If the exchange had already taken place, HELEX investors would have seen their holdings decline in value.
Dividend yield is another sticking point. HELEX currently offers a yield close to 5%, a level that has made it attractive to income-seeking investors. By contrast, Euronext’s dividend yield stands at just 2%. For many HELEX shareholders, swapping a high-yielding domestic stock for a lower-yielding foreign one is far from appealing.
These concerns underline the skepticism among Greek investors and market participants—not just about the numbers, but about the broader terms and timing of the deal. If Euronext is serious about acquiring HELEX, the company may need to return to the table with a stronger, more appealing proposal. The message from the market is already loud and clear.
