Euronext has withdrawn its 5.5 billion euro ($5.8 billion) indicative offer to buy fund distribution firm Allfunds , boosting the exchange operator's shares while sending Allfunds' lower.
Euronext, home to the Paris, Amsterdam and Milan stock exchanges, did not say why it had dropped the cash-and-shares bid, but a source close to the matter said insufficient synergies, a drop in Euronext shares since the offer was made and uncertainties over timing and financing were all factors.
"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," Allfunds said on Wednesday, after Euronext withdrew its offer. Allfunds' shares slumped around 13% to 7.21 euros in early trading, while Euronext shares rose around 5%.
"Allfunds shares were trading around 7.20 euros before news of Euronext's unsolicited indicative offer became public. To our mind, this is unlikely to represent a floor for the shares now that deal talks have collapsed," wrote brokerage Jefferies.
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