9/13, 1:32 PM (Source: TeleTrader)
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LSE board rejects $36.6B takeover bid by HKEX

Hong Kong Exchange's (HKEX) takeover proposal, submitted days ago to the London Stock Exchange Group Plc (LSE), was unanimously rejected by the LSE's board on Friday.

"The Board has fundamental concerns about the key aspects of the Conditional Proposal: strategy, deliverability, form of consideration and value. Accordingly, the Board unanimously rejects the Conditional Proposal and, given its fundamental flaws, sees no merit in further engagement," the LSE board said in a statement.

According to HKEX, the $36.6 billion takeover would "redefine global capital markets for decades to come" as "both businesses have great brands, financial strength and proven growth track records."

Breaking the News / GG