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Article: Now Nasdaq goes hostile in bid for LSE
- Article from:
- Yorkshire Post
- Article date:
- December 13, 2006
CopyrightCopyright 2006 Yorkshire Post. Provided by ProQuest LLC. (Hide copyright information)
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Exchange in [Pounds]2.7bn appeal to investors
Eric Barkas
City Editor
THE American exchange Nasdaq launched a [Pounds]2.7bn hostile bid
for the London Stock Exchange yesterday, having failed twice in the
past nine months to reach an agreed offer with LSE.
Nasdaq's [Pounds]12.43 per share bid appeals directly to
shareholders over the heads of the LSE board.
The US exchange already has 28.75 per cent of LSE. That means just
21.3 per cent of remaining shareholders - little more than one in
five - need to vote in favour of the bid in order for it to
succeed.
The LSE reiterated its rejection of Nasdaq.
It said: "The board unanimously rejects Nasdaq's offer as it
substantially undervalues ...