Nasdaq Nordic, which owns most stock exchanges in the Nordic-Baltic region, is withdrawing its offer to acquire Norway's main exchange, saying " under the current circumstances the minimum acceptance condition for completion" cannot be satisfied.
Nasdaq Nordic made the announcement Monday after failing to get enough shareholder support for the bid, paving the way for rival Netherlands-based Euronext to proceed with its buyout.
Chairman Lauri Rosendahl said the support from Norway's business and financial community "emboldens our European strategy and strengthens our commitment to our clients and the region."
Both bidders had offered 158 kroner ($18.15) per share, which reportedly values the company at 6.79 billion kroner ($780 million).
Euronext, which operates six European exchanges, now stands alone to acquire the Oslo Boers, which has 220 companies listed.