LSE rejects Hong Kong’s $37 billion takeover bid
CNNLondon CNN Business — The London Stock Exchange has roundly rejected Hong Kong’s $37 billion takeover bid, saying it was too low, politically risky and lacked strategic merit. In a strongly worded statement Friday, LSE’s board said it “unanimously” rejects this week’s conditional proposal from Hong Kong Exchanges and Clearing. LSE added that it sees “no merit in further engagement” because of the offer’s “fundamental flaws.” The London exchange said it remained committed to its acquisition of financial data provider Refinitiv. HKEX responded in a statement that said it “continues to believe that the proposed combination … represents a highly compelling strategic opportunity.” The Hong Kong company suggested that it could now make a hostile bid that would allow investors in LSE to choose between an improved offer and the planned purchase of Refinitiv. HKEX’s relationship with the Hong Kong government would “complicate matters,” making it “highly uncertain” that necessary approvals would be obtained, Robert said.
History of this topic
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