Sahara Trader
11-20-2006, 11:34 AM
It didn't take long for the London Stock Exchange to reject the latest unsolicited takeover bid from the Nasdaq Stock Market.
Just hours after the Nasdaq proposed buying the 71% of the LSE that it doesn't already own for $5.1 billion, the executives at the London bourse said the offer "substantially undervalued" their operation.
The Nasdaq's latest bid had been widely anticipated. It's not clear whether the Nasdaq will press ahead with its offer, which the LSE no doubt will view as a hostile takeover.
The proposed deal comes eight months after the LSE rejected an earlier $4.2 billion unsolicited bid by the Nasdaq. But ever since it was rebuffed by the LSE, the Nasdaq has been positioning itself for another takeover attempt by buying up large blocks of the British exchange's stock.
http://www.thestreet.com/newsanalysis/wallstreet/10323185.html
Just hours after the Nasdaq proposed buying the 71% of the LSE that it doesn't already own for $5.1 billion, the executives at the London bourse said the offer "substantially undervalued" their operation.
The Nasdaq's latest bid had been widely anticipated. It's not clear whether the Nasdaq will press ahead with its offer, which the LSE no doubt will view as a hostile takeover.
The proposed deal comes eight months after the LSE rejected an earlier $4.2 billion unsolicited bid by the Nasdaq. But ever since it was rebuffed by the LSE, the Nasdaq has been positioning itself for another takeover attempt by buying up large blocks of the British exchange's stock.
http://www.thestreet.com/newsanalysis/wallstreet/10323185.html