The board of the Nasdaq Stock Market Inc. announced its final, hostile bid for the London Stock Exchange Group plc.
The offer is being made by Nightingale Acquisition Ltd. for the entire issued and to be issued share capital of the London Stock Exchange Group. The offer is open until Jan. 11, 2007.
It notes that the final offer will not be revised, except that NAL reserves the right to revise them: upon a recommendation of the LSE board; or, if a firm intention to make a competing offer for the LSE is announced.
In response, the board of the LSE reiterated its unanimous rejection of the Nasdaq’s offer, “as it substantially undervalues the exchange and fails to reflect its unique strategic position and the powerful earnings and operational momentum of the business.”
The LSE board says it will be writing to shareholders to explain its reasons for rejecting Nasdaq’s offer. In the meantime, shareholders are strongly recommended to take no action in respect of Nasdaq’s offer.
Greenhill & Co. International LLP and Dresdner Kleinwort Securities Ltd. are acting for Nasdaq and NAL. Merrill Lynch International and Lehman Brothers Europe Ltd. are representing the LSE.