Boujnah was categorical that the offer price will not be increased under any circumstances. “Read my lips — we will not raise the offer price. If it’s rejected, we will walk away,” he said, drawing a firm line under speculation that Euronext might sweeten its bid. He insisted that the proposal was fair, realistic, and fully aligned with market conditions.
Boujnah emphasized that the offer represents a voluntary opportunity for ATHEX shareholders to realize liquidity, leaving them entirely free to decide whether to participate or remain investors in the company. “Shareholders can do whatever they wish. If they want to keep their shares, they can. If they want to exchange them, that is also their right. It’s an offer — nothing more, nothing less,” he said. Under the terms of the proposal, Euronext is offering one new Euronext share for every twenty ATHEX shares. The new shares will carry the same rights as existing Euronext shares.
A key aspect of the offer is the difference in liquidity between the two stocks: Euronext’s shares are around forty-two times more liquid than those of ATHEX and are part of France’s CAC 40 index. The bid values ATHEX at twenty-two times its estimated 2024 earnings, a valuation Boujnah described as “attractive” for the Greek exchange group. He added that the transaction could be positive not only for shareholders but also for Greece’s capital market as a whole, arguing that “this offer could be good for Greece, good for clients, good for Euronext and good for shareholders.”
Nevertheless, he made clear that if the proposal is not accepted, the company will not pursue it further. “Everyone should consider what ATHEX’s share price would be today if we had not made our offer in July, or if there had been no talk of a potential acquisition at all. If the offer fails, we will walk away. That’s fine — we made an offer, and people can freely decide whether to accept it or not,” he said.
Boujnah underlined that the bid is based on solid fundamentals — the group’s financial performance, shareholder returns, and its differentiation from competitors. “I’m not saying it’s a once-in-a-lifetime opportunity, but it’s a fair and transparent one. From there, it’s up to the shareholders,” he noted.
The main question now preoccupying investors is how many shareholders will ultimately accept the offer. This debate has intensified following a controversial amendment passed by the Greek government on October 7, which retroactively adjusted the rules for public offers, allowing the minimum acceptance threshold to fall below the current 67 percent. The change has been viewed by some as a move that could pressure “holdout” investors — those who choose not to accept the offer.
When asked about this “shifting of the goalposts,” as it has been described by market observers, Boujnah avoided commenting directly. “I only note that an inconsistency between Greek and European law was corrected,” he said, steering clear of further political commentary. Market sources, however, suggest that Euronext may take advantage of the new framework and lower its acceptance threshold in the final days of the offer, possibly between November 12 and 17. They note that while Boujnah was adamant that the offer price will not change, he did not explicitly rule out a last-minute adjustment to the acceptance level. Late Monday evening, Euronext had not responded to questions on whether similar legal frameworks exist elsewhere in Europe that allow for retroactive changes to the terms of voluntary public offers.
Boujnah also addressed the political context of the proposal, crediting Greek Economy and Finance Minister Kyriakos Pierrakakis with opening the door to discussions about a possible acquisition. Rejecting speculation that Euronext had previously made unsuccessful attempts to buy the Athens Exchange, he explained that the group’s contacts with ATHEX were part of its broader strategy of engaging with independent exchanges across Europe. “We visit independent exchanges throughout the continent to present Euronext’s vision and open a dialogue,” he said, adding that “there was never any invitation or intervention from any government.”
He outlined how discussions began in June, when Pierrakakis, during a visit to Paris, raised the possibility of Euronext examining ATHEX as part of Greece’s broader effort to attract foreign investment. “We said, ‘Why not?’ But first, we had to talk to the company’s management and board,” Boujnah recalled. A subsequent meeting took place with Prime Minister Kyriakos Mitsotakis on July 1, during which the
Prime Minister expressed interest and support for the plan, while emphasizing that the final decision rests entirely with ATHEX’s shareholders. “I don’t need an invitation from the government to come to Athens or to do business in Greece. Greece is part of the European Union, and when I’m in Athens, I feel at home,” Boujnah said. He added that the government can act as a facilitator or an encourager, but “the shareholders hold the keys to the transaction. If they want it to happen, it will. If not, it won’t.” He described the Athens Exchange as not just another market, but as an opportunity to strengthen Europe’s presence on the global financial map.
The press conference also brought to the forefront an issue that has troubled the Greek market for years: the high operating costs of the Athens Exchange Group. Much of the responsibility for this, market observers argue, lies with the group’s CEO, Yiannos Kontopoulos, who has faced criticism over his own compensation as well as that of the board. These costs have contributed to ATHEX’s relatively high pricing policy in recent years.
Euronext executives noted that the Athens Exchange ranks among the most expensive in Europe, with fees roughly two and a half times higher than the average across Euronext’s other markets. Should the offer succeed, Boujnah said, Euronext will introduce a “disciplined cost management policy” aimed at curbing excesses and enhancing the competitiveness of the Greek capital market.
