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Article: London Stock Exchange says it has received approach from Nasdaq Stock Market
- Article from:
- AP Worldstream
- Article date:
- March 10, 2006
- Author:
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JANE WARDELL, AP Business Writer
AP Worldstream
03-10-2006
Dateline: LONDON
The London Stock Exchange said Friday that it has received and rejected a 2.4 billion pound (euro3.5 billion; US$4.2 billion) takeover approach from the Nasdaq Stock Market Inc.
The LSE, which recently batted away a much lower bid from Australia's Macquarie Bank Ltd., said that the Nasdaq proposal of a 950 pence (euro13.84; US$16.50) per share cash offer also undervalued the exchange.
"The Board of London Stock Exchange firmly believes that the proposal, which represents only a 8 percent premium to the current market price, substantially undervalues the company, its unique position and the very significant synergies ...