From Breakingviews - Euronext CEO tests limits of M&A playbook
. He tried a similar approach by engaging in discussions with Allfunds’ top investors.
Euronext’s interest in Allfunds suggests a desire to further diversify away from the volatile cash equity and trading business, which still made upof its revenue in 2022. The funds platform could have helped investors that already buy shares on Euronext to access a broader range of products. Yet, the deal didn't materialise. A Euronext spokesperson told Reuters Breakingviews the group had withdrawn the offer after conducting due diligence, while Allfunds said the exchange’s cash and shares offer was too low. Ditching the bid probably made sense, Allfunds reported on Tuesday a decline in 2022 revenue: that would have made it harder for the group to grow quickly enough to make the deal math work. The preliminary 5.
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