Morningstar

Euronext Withdraws Allfunds Offer

This financial-platform company walked away from its EUR 5.5 billion offer.

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Securities In This Article
Euronext NV
(ENX)

Narrow-moat Euronext ENX walked away from its EUR 5.5 billion offer for the fund distribution platform Allfunds. According to a press release by Allfunds on the matter, Allfunds’ board deemed the offer price as inadequate and discussions with Euronext were halted shortly thereafter. We had previously highlighted that Euronext’s offer did look opportunistic, but applaud Euronext’s discipline in not getting pulled into a bidding war. Our Exemplary Morningstar Capital Allocation Rating and our EUR 88 per-share fair value estimate remain unchanged.

The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar’s editorial policies.

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About the Author

Niklas Kammer, CFA

Equity Analyst
More from Author

Niklas Kammer, CFA is an equity analyst, Europe, for Morningstar*. He covers European financials. His coverage includes Nordic and UK banks, payment services providers, other fintechs and exchange groups.

Before joining Morningstar in 2016, Kammer interned on the equity research team at Rabobank Netherlands and in the corporate finance department at Kempen & Co. At Morningstar, he worked as an associate equity analyst covering the oil and gas sector before moving into his current role as an equity analyst covering financials.

Kammer holds a bachelor’s degree in economics and business from University of Amsterdam and a master’s degree in finance and investments from the Rotterdam School of Management. He is also a CFA charterholder.

* Morningstar Holland BV (“Morningstar”) is a wholly owned subsidiary of Morningstar, Inc

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