NASDAQ has criticized the third defence document from issued by the London Stock Exchange (LSE) against its hostile bid as further evidence of its lack of a long-term strategic vision for the business and focus on short term measures.
NASDAQ accuses LSE of unwillingness to identify, let alone consummate, an alternative transaction which would increase liquidity, provide synergies and diversify the business.
It says it believes LSE has failed to explain to shareholders how it will address the challenges it faces, and says this reflects LSE’s complacency.
NASDAQ warns LSE shareholders they should be concerned about the impact of these factors on the value of their LSE holdings.
NASDAQ says it believes it satisfies all the criteria which LSE has identified for a partner and says it is ‘extraordinary’ that LSE has refused to engage with the company over the last year.
“We continue to believe that 1,243 pence in cash represents a full and fair price for LSE shareholders,” says NASDAQ President and CEO Robert Greifeld. “Without NASDAQ, LSE will be left in a strategic vacuum, to the detriment of LSE shareholders and the London market alike. Shareholders should note LSE’s consistent disinterest in taking part in dialogue with respect to consolidation, even when its own strategic criteria could be satisfied. Shareholders should not think this attitude will change any time soon.”