Euronext plans to announce the level of shareholder participation on 19 November 2025, with the delivery of the exchange shares to those who accepted the offer scheduled for 24 November.
According to sources, by late Sunday evening shareholders holding about 60% of the voting rights had already accepted the bid. Under the terms of the information memorandum, if Euronext acquires more than 90% of ATHEXGroup, it automatically gains the right to initiate a squeeze-out process for the remaining shares. Shareholders are able to choose between receiving Euronext shares based on the proposed exchange ratio or taking cash at €5.98 per share. Those who do not submit a preference will automatically receive Euronext stock.
If Euronext surpasses 95% of the voting rights following the acceptance period or the completion of the squeeze-out, it intends to call a General Meeting to approve the delisting of ATHEXGroup from the Athens Stock Exchange. Should the final stake fall between 50% plus one share and 90%, ATHEXGroup will remain listed, though Euronext would still be able to implement the post-offer measures outlined in the memorandum. In a scenario where Euronext holds a controlling but sub-90% stake, it also retains the option to reorganize the group, potentially including the spin-off of regulated market activities into a newly licensed company that would assume responsibility for operating the regulated market. ATHEXGroup would retain the shares of this new entity along with its other holdings, while remaining assets could be sold to Euronext under market terms, followed by the potential winding-up and liquidation of the company and distribution of proceeds to shareholders.
The memorandum emphasizes that Euronext may pursue any legally permitted process to achieve full ownership and streamline the corporate, legal, financial, and tax structure of the ATHEXGroup, in line with regulatory requirements and with respect for minority shareholders and employees.
Euronext’s public offer and the potential exchange of Greek shares for stock in the European operator have sparked questions about what the new corporate landscape might look like for members of the Athens Stock Exchange and Greek investors. Euronext’s latest Customer Satisfaction Survey paints a mixed picture, suggesting both strengths and vulnerabilities within the organization. The most concerning aspect relates to corporate services, where the Net Promoter Score fell sharply. These services, excluding the iBabs platform, dropped from a strong +52 in 2023 to +20 in 2024, while iBabs itself slid from +18 to +8. iBabs is widely used by corporate boards and public-sector bodies as a digital platform for managing meetings.
Listing services also showed signs of strain, with the score for Debt & Equity Listing slipping from +37 to +31, indicating that listing procedures are viewed as less efficient than before. Custody services via Euronext Securities recorded a modest decline from +42 to +39, suggesting a gap between expectations and delivered service levels.
Overall client satisfaction, however, improved. Euronext’s total NPS rose to +37 from +34 the previous year, with notable gains in services to trading members, where the score jumped from +31 to +44 thanks to improvements in platform stability and technical support. Clearing services also posted a significant increase, from +10 to +23, and key market infrastructure such as market data and central securities depositories continued to perform reliably.
