LSE rebuffs Nasdaq bid
The London Stock Exchange has dismissed a takeover bid from the New York-based Nasdaq, saying it "substantially undervalues" the exchange.
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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