Nasdaq rejected by LSE again

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. ...