London Stock Exchange: rejects bid from Hong Kong Exchanges
(CercleFinance.com) - London Stock Exchange Group has rejected an unsolicited bid from from Hong Kong Exchanges, citing "fundamental flaws" in the offer.
LSE's board said it has "fundamental concerns" about the key aspects of the deal, including strategy, deliverability, form of consideration and value.
Accordingly, the board unanimously rejected HKEX's proposal, seeing no merit in further engagement.
A letter has been sent to HKEX setting out the reasons for its rejection, LSE added.
The British stockmarket operator said that it remains committed to its proposed acquisition of market data firm Refinitiv, for which the transaction is about to close in the second half of 2020.
On Wednesday Hong Kong Exchanges made an unsolicited bid to buy London Stock Exchange for 8,361 pence per share, representing a premium of 22.9%.
The LSE share is currently up 1.8% at 7,382 pence in London.
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