LSE rejects Hong Kong bid and says it doesn't want to hold merger talks
The London Stock Exchange on Friday rejected the preliminary, 29.6 billion pound ($37 billion) takeover bid from the Hong Kong Exchanges and Clearing and said it didn't want to engage in talks. "The Board has fundamental concerns about the key aspects of the Conditional Proposal: strategy, deliverability, form of consideration and value. Accordingly, the Board unanimously rejects the Conditional Proposal and, given its fundamental flaws, sees no merit in further engagement," the LSE said. LSE shares were last up 1.3% at 7344 pence.
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