The London Stock Exchange (LSE) has again rejected Nasdaq's bid for the business by arguing it substantially undervalues the company.
Nasdaq announced this morning a bid to acquire the LSE for £12.43 a share, valuing the Exchange at £2.7bn. But the LSE says such an offer represents only a 2% premium to the market price at the close of business on 17 November 2006 and “substantially undervalues the company and fails to reflect its unique strategic position and the powerful earnings and operational momentum of the business”. The LSE posted record interim results for the six months ended 30 September 2006 with operating profit up 60% and adjusted earnings per share up 54% on the comparable period to September 2005. Chr...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
