Nasdaq Squashes Hopes for Raising LSE Bid

LONDON –- Four days after the London Stock Exchange rejected a second takeover bid from the Nasdaq Stock Market Inc., the Nasdaq said it's unlikely it will raise its bid for the LSE.

With a deadline hovering over the offer, any friendly merger would have to be negotiated by a deadline of midnight Saturday.

Earlier this week, Nasdaq made a second takeover bid of 2.7 billion pounds ($5.3 billion) to the LSE and offered to buy the more than 70 percent of the shares it doesn't already own, but the LSE said the Nasdaq's latest bid "substantially undervalued" the London market.

Nasdaq already holds asbout 29 percent of the LSE's shares.

The U.S. exchange has characterized its hostile offer as final, reported MarketWatch, meaning it would only raise its offer if the LSE's board agreed to a friendly deal or if an alternative bidder joined the on-goings.

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