The board of the London Stock Exchange has “unanimously rejected” an approach by its Hong Kong rival after the Asian bourse made a surprise £32bn bid to take over the 321-year-old City institution earlier this week. In an uncompromising response to the approach, which the London Stock Exchange Group (LSEG) described as a “significant backward step”, the UK firm said it saw “no merit in further engagement” with Hong Kong Exchanges and Clearing (HKEX). It added that the proposal undervalued its business, lacked strong commercial rationale and would be difficult to implement because of the Asian company’s ties to the Hong Kong government. In a statement, the LSE said: “Further to the announcement on 11 September 2019, the board of London Stock Exchange Group, together with its financial and legal advisers, has now considered the unsolicited, preliminary and highly conditional proposal from Hong Kong Exchanges and Clearing to acquire the entire share capital of LSEG. “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.” In a letter to HKEX’s chairwoman,… Read full this story
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