Euronext announced late on Thursday that it is lowering the acceptance threshold for its voluntary tender offer to acquire Hellenic Exchanges (ATHEX Group), cutting the requirement from 67 percent to 50 percent plus one voting share. The move, made under the provisions of Greek takeover law and following a request to the Hellenic Capital Market Commission, takes advantage of the rule allowing bidders to amend offer terms up to five business days before the end of the acceptance period.
The company said the adjustment increases the chances of completing the transaction successfully while providing ATHEX shareholders with greater certainty that they will secure the premium offered. Euronext also reaffirmed that, if the offer is successful, it intends to integrate ATHEX into its corporate structure regardless of the final level of shareholder participation.
Even with the lower threshold, Euronext maintains a strategic target of securing more than 90 percent of ATHEX shares, which would enable it to initiate a squeeze-out process and subsequently delist the company from the stock exchange. If acceptance falls short of that level, the group is not ruling out alternative corporate actions, including potential cross-border mergers.
Euronext remains the sole bidder in the process. Its voluntary share-exchange offer has not drawn any competing proposals, and under Greek law no additional bids may now be submitted. The company argues that this lack of competition underscores the strength and appeal of its offer.
The revision of the acceptance threshold does not affect the offer price or any other terms. Shareholders who have already tendered their shares do not need to take further action, while those who have not yet participated may still do so until the offer period closes. The change does not alter or extend the timeline. The adjustment remains subject to approval by the Capital Market Commission.
Euronext emphasizes that its strategy remains unchanged and that it is committed to building a more integrated European market infrastructure. It believes that incorporating the Greek market into its network will strengthen ATHEX’s role in Southeastern Europe and enhance the international visibility and attractiveness of Greece’s capital market. Under current regulations, November 10 is the final day on which any amendments to the tender offer may be made, and Euronext indicates that no further changes are expected.
