Stock exchange urges rejection of NASDAQ bid

The London Stock Exchange (LSE) today branded Nasdaq’s £2.7bn (€4bn) takeover bid as “wholly inadequate” as it urged shareholders to reject the offer.

The New York bourse has given LSE shareholders until January 11 to accept the 1243p-a-share offer after it was turned down by the LSE board last month.

However, the LSE today recommended its investors dump the approach because it failed to reflect the business’s “powerful earnings and operational momentum”.

Chairman Chris Gibson-Smith said: “For the second time this year, Nasdaq is offering a wholly inadequate price for the company and shareholders should reject the offer.”