Euronext withdraws its indicative offer to acquire Allfunds
01 March 2023 Europe
![Generic business image for news article](https://www.assetservicingtimes.com/assetservicesnews/images/ThursdayMarch220231677767963.jpg)
Euronext is to withdraw its indicative offer to acquire 100 per cent of fund distribution firm Allfunds’ share capital.
Euronext made an indicative offer of €5.5 billion (US $5.8 billion) on 22 February to purchase the fund platform company.
However, yesterday (28 February) Allfunds released a statement saying: “The Allfunds board considered that the terms of the proposal were inadequate. Allfunds subsequently entered into discussions on terms with Euronext, but no agreement was reached and discussions have been terminated.”
A spokesperson for Euronext told Asset Servicing Times: "Euronext withdrew this offer as a consequence of the due diligence process that has been carried out and from what resulted from it. Euronext did not receive a rejection of its offer from Allfunds."
The news comes after Euronext confirmed the expansion of Euronext Clearing to Euronext derivatives markets in January. The expansion of Euronext Clearing will allow Euronext to manage the entire trading value chain of its markets by the end of next year.
In December 2022, Euronext Group finalised an acquisition of the technology businesses currently powering MTS and Euronext Securities Milan from Italian technology provider Nexi.
Euronext made an indicative offer of €5.5 billion (US $5.8 billion) on 22 February to purchase the fund platform company.
However, yesterday (28 February) Allfunds released a statement saying: “The Allfunds board considered that the terms of the proposal were inadequate. Allfunds subsequently entered into discussions on terms with Euronext, but no agreement was reached and discussions have been terminated.”
A spokesperson for Euronext told Asset Servicing Times: "Euronext withdrew this offer as a consequence of the due diligence process that has been carried out and from what resulted from it. Euronext did not receive a rejection of its offer from Allfunds."
The news comes after Euronext confirmed the expansion of Euronext Clearing to Euronext derivatives markets in January. The expansion of Euronext Clearing will allow Euronext to manage the entire trading value chain of its markets by the end of next year.
In December 2022, Euronext Group finalised an acquisition of the technology businesses currently powering MTS and Euronext Securities Milan from Italian technology provider Nexi.
NO FEE, NO RISK
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Assegt Servicing Times
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Assegt Servicing Times
![Advertisement](../images/bull-252524.png)