Euronext Nears Pivotal Moment in Bid for Athens Exchange

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 shareholders receive shares listed on another regulated market within the European Union.

What Comes After the Takeover

Professionals across the market are already focusing on what comes next for the market. Euronext has positioned the deal as part of its broader strategy, “Innovate for Growth 2027,” aimed at strengthening its footprint in Europe and expanding post-trade services. A major component of that strategy is enhancing Euronext Securities as the preferred central securities depository (CSD) in Europe.

The addition of ATHEX would help Euronext further integrate its post-trading operations, potentially offering more services to both investors and issuers in Greece and across the EU.

For Greek retail investors, the transition may mean becoming shareholders of Euronext in the coming months—a company whose shares trade in Amsterdam, Brussels, Lisbon, and Paris, with Paris serving as the primary market.

Analyst Outlook: Optimism with Caveats
Analysts appear broadly optimistic about Euronext’s medium-term prospects, though some note valuation concerns and uncertainties around future strategic decisions, including the ATHEX acquisition.

Here is a snapshot of recent price targets:

• Barclays — €130 (Equal Weight):
  Upgraded forecasts following stronger-than-expected Q2 2025 earnings. While the ATHEX acquisition is not yet factored in, the bank sees potential for a positive revenue contribution.
• BNP Paribas — €120:
  Upgrades its 2026 earnings per share (EPS) estimate by 1.5%, though it warns that Euronext’s valuation may be nearing its peak.
• Deutsche Bank — €167:
  Expects robust revenue growth around 11% annually and considers Euronext undervalued relative to global peers. Notably, Deutsche Bank is advising on the ATHEX transaction.
• Goldman Sachs — €119:
  Raises its EBITDA forecast by 2% and highlights the company’s ongoing efforts to modernize services and consolidate smaller European platforms.
• JP Morgan — €143:
  Maintains its price target for December 2026, pointing to steady growth and the anticipated completion of the ATHEX acquisition by year-end 2025.
• Kepler Cheuvreux — €155:
  Sees limited short-term upside but strong long-term potential, estimating that ATHEX could add up to 1.4% to adjusted EPS for 2026–2028.
• Mediobanca — €150:
  Projects moderate EPS upgrades for 2025–2027, driven mainly by stronger revenue from securities-services operations. The ATHEX acquisition is expected to provide a small but positive boost.