The London Stock Exchange has dismissed a takeover bid from the New York-based Nasdaq, saying it "substantially undervalues" the exchange.
Nasdaq announced its 950p per share bid on Friday, but the exchange's board replied that it "substantially undervalues the company, its unique position and the very significant synergies that would be achievable from the combination of the London Stock Exchange with any major exchange group".The next shareholders' meeting is on April 19, when the board will ask them to approve a 200p capital return - proposed last month as a counter to another takeover bid from the Australian bank Macquarie.
Press reports over the weekend suggested that the New York Stock Exchange might also make a bid for the LSE.
The news of the bid, and the subsequent rumours of a bidding war, sent LSE shares rising from their Friday close of 880p - at which price it would have presented an 8% premium - to a record 1,119p this morning.
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