The board of the London Stock Exchange plc is rebuffing the latest takeover it has received, this one from Macquarie Bank Ltd. of Australia.

The LSE board issued a statement indicating that it has received a proposal from Macquarie Bank about making a cash offer to acquire London Stock Exchange for 580 pence per share. It rejected that offer in no uncertain terms.

“The board of London Stock Exchange rejects outright this derisory proposal which fundamentally undervalues the company and lacks any strategic or commercial credibility,” it said.

It added, “The board’s confidence in London Stock Exchange’s growth prospects as the largest equity market in Europe with a unique global franchise is reinforced by the strong interim results announced on November 3.”

“A further statement will be made as appropriate,” it concluded.