Update: LSE completes hat trick, rejects latest Nasdaq Bid
12 Dec 2006
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The London Stock Exchange has rejected for the third time this year takeover bids by the US electronic exchange, Nasdaq, which had today announced a £2.7-billion hostile takeover attempt for the London Stock Exchange.
While only one-fifth of LSE shareholders need to accept the bid for the venerable London bourse to change hands, the LSE, has rejected the fresh approach, saying, "The board unanimously rejects Nasdaq's offer as it substantially undervalues the exchange. Shareholders are strongly recommended to take no action in respect of Nasdaq's offer."
In the past, the LSE has retained shareholder loyalty through generous cash payouts.
