Can somebody intelligent explain to me why the NASDAQ is trying to buy foriegn exchanges?
LONDON (Reuters) - Nasdaq Stock Market Inc (Nasdaq:NDAQ - news) said on Thursday it had extended the deadline for shareholders to accept its 2.7 billion pound ($5.22 billion) bid for the London Stock Exchange (LSE.L) to Jan 26.
Nasdaq, whose hostile offer has been repeatedly rejected by the LSE, said in a statement it now held 29.36 percent of the stock after receiving valid acceptances worth 0.61 percent of the shares by mid-afternoon on Thursday, the first closing date.
January 27 -- or effectively January 26, the nearest date on which markets are open -- is the last day on which Nasdaq can announce any new information on the bid, though it has the option of extending the final date for acceptances again to February 10.
In a separate statement on Thursday, the LSE reiterated its recommendation that shareholders reject Nasdaq's "wholly inadequate offer."
"This very low level of acceptances is in line with the Board's view that Nasdaq's offer substantially undervalues the Exchange and fails to reflect its unique position and the powerful earnings and operational momentum of the business," it said in a statement.
LSE shares closed up 1.79 percent on Thursday at 1307 pence, valuing the group at around 2.79 billion pounds.
Please do your own research and buy and sell at your own risk. I am not a financial advisor.
AI
