Rejected.
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The London Stock Exchange denied Hong Kong Exchange's near $37 billion takeover bid, while remaining committed to its proposed acquisition of data and analytics group, Refinitiv.
"The board unanimously rejects the conditional proposal and, given its fundamental flaws, sees no merit in further engagement," the LSE said in a statement.
The LSE, a 300-year old institution that was at the heart of a British empire that included Hong Kong, said Wednesday it would consider the cash-and-shares offer that values it at 29.6 billion pounds ($36.6 billion).
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The LSE cited strategy, deliverability, form of consideration and value as fundamental concerns about the conditional proposal from Hong Kong Exchanges and Clearing Limited.
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A deal would have given it a lucrative foothold in Asia, a fast-growing region that could be attractive if Britain ends up leaving the European Union without a deal. It would have also, according to Hong Kong Exchanges and Clearing Ltd., bolstered the British capital's role as a financial hub.
LSE agreed and announced the acquisition of Refinitiv on Aug. 1 and said it remains on track to close the multibillion-dollar deal in 2020, according to the statement.
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Following the hefty bid, former New York Stock Exchange CEO Dick Grasso told FOX Business’ Maria Bartiromo the rational move could have opened up a cross-global opportunity.
The LSE has not returned FOX Business' request for comment at the time of publication.
The Associated Press contributed to this report.
https://www.foxbusiness.com/markets/london-stock-exchange-rejects-hong-kong-takeover-offer
2019-09-13 13:26:44Z
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