BLOOMBERG NEWS
The Nasdaq's hostile takeover bid for the London Stock Exchange got uglier yesterday, with Nasdaq officials warning the British market's shareholders stock will tumble if the offer is rejected.
The Nasdaq gave the London Stock Exchange's investors until Thursday to accept its $5.2 billion offer. The Nasdaq, which already owns nearly a 29% stake in the London market, has been rebuffed twice since it made its first offer in early 2006.
The Nasdaq statement was in response to the London Exchange's Dec. 19 regulatory filing that urged investors to reject Nasdaq's "wholly inadequate" bid. Executives also pledged to raise the company's dividend by at least 50%.
"Shareholders should not be persuaded into selling their shares well below their true value by Nasdaq's bluster," London Stock Exchange CEO Clara Furse said yesterday.
The Nasdaq has continually added to its holdings in the London exchange, most recently in November with a purchase of 7 million shares that gave Nasdaq a 28.75% stake.
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