As the deadline approaches for Euronext’s public offer to acquire the
As the deadline approaches for Euronext’s public offer to acquire the Athens Stock Exchange (ATHEX), Greece’s capital-market community is bracing for the next phase of the transaction. The acceptance period for shareholders ends on Nov. 17, 2025, with results expected two days later, on November 19.
Interest has intensified in recent days as ATHEX’s share price has reacted to expectations surrounding the offer. According to OT.gr, participation stood at roughly 60% as of Nov. 14, placing Euronext in a strong position to complete the acquisition once the offer period closes.
A Path Toward Delisting
If Euronext ultimately secures more than 90% of ATHEX shares, the process for a squeeze-out could begin almost immediately. Under Greek market rules, shareholders who do not accept the offer may be required to sell their shares at €5.98 each—about a 7% discount to the offer price. The squeeze-out procedure could run through mid-February 2026.
Separately, Greece’s Capital Market Commission may approve the delisting of ATHEX shares if the company submits a request backed by a 95% shareholder vote. A similar supermajority is needed for restructuring actions—such as mergers or conversions—that would also result in a delisting. However, a recent legislative amendment allows exceptions if
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