As the deadline for acceptance of its offer drew near, the Nasdaq Stock Market yesterday ticked off the London Stock Exchange (LSE) for failing to take its proposals seriously.
In a response to LSE shareholders, Nasdaq said that the management of the exchange had “completely failed to engage” with its proposed merger plans, despite the fact the current Nasdaq offer was the best deal for shareholders.
“Nasdaq has delivered a remarkable operational and financial performance in its core market over the past three years and has a track record of successfully consummating and integrating corporate transactions,” the US exchange said in an official statement. “We believe that the interests of LSE and the London market will be well served in a combination with Nasdaq.”
The Nasdaq document urged shareholders not to be misled by LSE’s arguments against a takeover, reminding them that they will have the final say over whether or not the offer is accepted.
Nasdaq is offering £12.43 per share to LSE shareholders – a deal which must be either accepted or rejected by Friday 26 January.