London Stock Exchange
ORG
London Stock Exchange
The London Stock Exchange, Europe's biggest stock market, announced yesterday that it had received and rejected a $4.1 billion informal cash offer from Nasdaq, an indication that the arms race among the world's leading exchanges is escalating. The board of the London exchange said the offer substantially undervalues the company, its unique position and the very significant synergies that would be achievable from the combination of London Stock Exchange with any exchange group. The exchange disclosed the offer after the close of trading in London. Shares of the L.S.E. have risen 82 percent in the last 12 months.