Nasdaq critical of LSE board attitude

23 January 2007

The board of the Nasdaq Stock Market has criticized London Stock Exchange (LSE) executives for failing to engage with it over proposed merger plans.

In a response to LSE shareholders, Nasdaq said that the management of the exchange had "completely failed to engage" with respect to a recommended transaction, repeating that 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 response also 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 January 26th.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development