NASDAQ has criticized a third defence document from London Stock Exchange (LSE). The American exchange says LSE has again failed to provide a long-term strategic vision for the business and focuses instead purely on short term and reactive initiatives.
NASDAQ accuses LSE of remaining unable (or unwilling) to identify or consummate an alternative transaction which would increase liquidity, provide synergies and diversify the business.
It says it believes LSE has failed to explain to shareholders how it will address certain challenges, and suggests its failure to do so provides further evidence of LSE’s complacency.
NASDAQ warns that LSE shareholders should be concerned about the impact of these factors on the value of their LSE shares.
NASDAQ believes it satisfies all the criteria which LSE has identified for a partner and says it is ‘extraordinary’ that LSE has refused to engage with the company over the last year.
“We continue to believe that 1,243 pence in cash represents a full and fair price for LSE shareholders,” says NASDAQ President and CEO Robert Greifeld. “Without NASDAQ, LSE will be left in a strategic vacuum, to the detriment of LSE shareholders and the London market alike. Shareholders should note LSE’s consistent disinterest in taking part in dialogue with respect to consolidation, even when its own strategic criteria could be satisfied. Shareholders should not think this attitude will change any time soon.”
NASDAQ urges LSE Shareholders to accept the Final Offer it has made, reminding shareholders that they are ultimately responsible for the offer’s implementation.