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| Nasdaq unveils hostile LSE offer | Nasdaq unveils hostile LSE offer |
| (about 1 hour later) | |
| The Nasdaq has unveiled a hostile bid for the London Stock Exchange (LSE) worth £2.7bn ($5.3bn), after having two previous takeover approaches rejected. | |
| In November the LSE rejected the £2.7bn US bid, saying it undervalued the firm. | In November the LSE rejected the £2.7bn US bid, saying it undervalued the firm. |
| LSE also turned down a request for a meeting from Nasdaq, which has raised its stake in LSE to 28.75%. | LSE also turned down a request for a meeting from Nasdaq, which has raised its stake in LSE to 28.75%. |
| The Nasdaq is now posting out its offer document to LSE shareholders, setting a price of £12.43 a share, and says it has borrowed $5.1bn to fund a takeover. | The Nasdaq is now posting out its offer document to LSE shareholders, setting a price of £12.43 a share, and says it has borrowed $5.1bn to fund a takeover. |
| January deadline | January deadline |
| Part of that new loan, the exchance said in a statement, would be used to repay all of its most significant current debt, while the firm said it would also issue new stock worth $775m. | Part of that new loan, the exchance said in a statement, would be used to repay all of its most significant current debt, while the firm said it would also issue new stock worth $775m. |
| The final date for shareholder acceptance of the Nasdaq offer by LSE shareholders is 11 January 2007. | The final date for shareholder acceptance of the Nasdaq offer by LSE shareholders is 11 January 2007. |
| Shares in the London stock market company have more than doubled over the past year amid ongoing speculation it would be subject to a takeover offer. | Shares in the London stock market company have more than doubled over the past year amid ongoing speculation it would be subject to a takeover offer. |
| LSE BID TIMELINE December 2004 - Deutsche Boerse tables £1.35bn offerDecember 2004 - Euronext makes merger approachMarch 2005 - Deutsche Boerse drops takeover plansDecember 2005 - Macquarie tables £1.5bn bidFebruary 2006 - Macquarie ditches offerMarch 2006 - Nasdaq tables £2.4bn bidMarch 2006 - Nasdaq withdraws bid, Deutsche Boerse drops plans for LSE offerApril 2006 - LSE denies reports of an approach from New York Stock ExchangeMay 2006 - Nasdaq raises LSE stake to 25.1%September 2006 - Brokerage Icap calls off merger talksNovember 2006 - Nasdaq tables "final offer" of £2.7bn, ups stake to 28.75% December 2006 - Nasdaq launches hostile takeover bid for LSE Q&A: LSE takeover | LSE BID TIMELINE December 2004 - Deutsche Boerse tables £1.35bn offerDecember 2004 - Euronext makes merger approachMarch 2005 - Deutsche Boerse drops takeover plansDecember 2005 - Macquarie tables £1.5bn bidFebruary 2006 - Macquarie ditches offerMarch 2006 - Nasdaq tables £2.4bn bidMarch 2006 - Nasdaq withdraws bid, Deutsche Boerse drops plans for LSE offerApril 2006 - LSE denies reports of an approach from New York Stock ExchangeMay 2006 - Nasdaq raises LSE stake to 25.1%September 2006 - Brokerage Icap calls off merger talksNovember 2006 - Nasdaq tables "final offer" of £2.7bn, ups stake to 28.75% December 2006 - Nasdaq launches hostile takeover bid for LSE Q&A: LSE takeover |
| In March, Nasdaq dropped a proposed £2.43bn ($4.2bn) bid for the exchange after the LSE rejected its advance. | In March, Nasdaq dropped a proposed £2.43bn ($4.2bn) bid for the exchange after the LSE rejected its advance. |
| The US firm is the latest in a long line of foreign suitors to approach the London market. | The US firm is the latest in a long line of foreign suitors to approach the London market. |
| German market Deutsche Boerse, Australian investment bank Macquarie and the pan-European exchange Euronext have all abandoned offers for LSE since December 2004. | German market Deutsche Boerse, Australian investment bank Macquarie and the pan-European exchange Euronext have all abandoned offers for LSE since December 2004. |
| The LSE has resisted approaches saying it can continue to grow alone, while the UK government has said it is neutral as to the nationality of LSE's owner. | The LSE has resisted approaches saying it can continue to grow alone, while the UK government has said it is neutral as to the nationality of LSE's owner. |
| But analysts and market observers have said that the Nasdaq is in a strong position and stock exchanges will need to merge if they want to keep on growing and offer a wide-range of global financial services. | But analysts and market observers have said that the Nasdaq is in a strong position and stock exchanges will need to merge if they want to keep on growing and offer a wide-range of global financial services. |