While Greek government officials continued to celebrate the proposed acquisition of the Hellenic Exchanges (HELEX) by Euronext, the reaction from those with real insight into the stock market painted a more cautious picture. Market professionals and investors voiced a series of concerns over the deal-particularly regarding the valuation, the structure of the offer, and its implications for Greek shareholders. The first major issue is the offer price. Euronext has valued HELEX at €399 million, or €6.90 per share. For many in the market, this figure appears unconvincing-especially when compared with valuations seen in similar transactions within the exchange sector. That skepticism was made evident when HELEX shares closed at €6.96, higher than the offer price, suggesting investors expect a better deal. Trading volumes further reinforced this sentiment: nearly 4.5% of HELEX's total shares changed hands in a single day, widely...