Euronext Rules Out Higher Offer in Bid for Athens Stock Exchange
No Price Increase for ATHEX Tender
Euronext said it would not raise its offer to acquire the Hellenic platforms, operator of the Athens Stock platform, as it pushes ahead with plans to turn Greece’s bourse into a regional financial gateway for southeastern Europe. The Pan-European platform group made clear it considers the current proposal final.
The bid, launched on October 6 and closing on November 17, offers one new Euronext share for every 20 shares held by ATHEX investors. Results are due on November 19. Euronext CEO Stéphane Boujnah told reporters in Athens that the company viewed the terms as “very attractive” and would not sweeten the offer. “If the offer is not successful, we will not complete it and we walk away,” he said. “That’s life. That’s business life.”
Investor Takeaway
Backing from Greek Shareholders
The offer has the backing of the ATHEX board and several key shareholders. It includes a minimum acceptance threshold of 67%, with Euronext planning to trigger a squeeze-out if ownership exceeds 90%. That would allow it to take full control of the Greek platform operator.
Boujnah described the transaction as a vote of confidence in Greece’s economic recovery later than a decade-long debt crisis that ended in 2018. “We believe in the Greek economy and in its potential,” he said, adding that the acquisition fits Euronext’s strategy to strengthen Europe’s and scale.
The platform group already operates bourses in Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo, and Paris. Adding Athens would extend its footprint to the southeastern edge of the European Union, an area that has so far lacked a central trading hub of Euronext’s scale.
Building a Regional Hub
If the tender succeeds, Euronext plans to set up an Athens-based support and technology centre to serve the wider group. Boujnah said the goal is to attract Greek shipping companies listed elsewhere in Europe and make Athens a listing venue for firms from the Balkans and eastern Mediterranean. “We view Athens as a financial gateway for the region,” he said.
The deal could strengthen Euronext’s presence in smaller EU markets while assisting Greece deepen its capital markets. The Athens platform has been viewking to boost and attract more foreign listings following a decade of subdued activity. Consolidation with a larger European network could give it access to new technology, investor pools, and cross-listing potential.
Investor Takeaway
European Consolidation Drive
Under the proposed plan, the combined group will use unified trading and post-trade technology. Euronext also intends to expand its clearing services to cover Greek securities, further consolidating the European post-trade market with a single clearing house operated by Euronext.
This move follows Euronext’s July announcement that it entered discussions to acquire ATHEX, a deal valued at €399 million (on a fully diluted basis). Boujnah added that the integration would bolster the visibility and international appeal of the Greek market, aligning with Europe’s shared goal of creating stronger, more .
The results of the voluntary platform offer are expected to be announced on 19 November 2025, marking the next step in a potential landmark acquisition in the European financial landscape.
The offer, structured as a share platform, proposes a fixed conversion ratio of 20 ATHEX ordinary shares for each new Euronext share. Based on Euronext’s closing price of €142.70 on 30 July 2025, this implies an offer price of €7.14 per ATHEX share. That figure represents a 27% premium over ATHEX’s three-month volume-weighted average share price prior to the initial approach.
Euronext formally submitted the offer to the Hellenic Capital Market Commission and ATHEX’s board, following the signing of a cooperation agreement. The offer is subject to a minimum acceptance level of 67% of  and regulatory approvals.
Founded in 2000 through the merger of several European platforms, Euronext now operates markets in Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo, and Paris. It accounts for roughly 25% of  and is home to more than 1,800 listed companies with a combined market capitalization exceeding €6 trillion.
