The Nasdaq stock market has made a 2.7 billion bid to takeover the London Stock Exchange. The offer follows one that was made earlier this year and rejected by the UK exchange.
After the bid, Nasdaq built up a 25 percent stake in LSE in an effort to prevent other companies from attempting a takeover. Following the recent takeover plans, its stake increased 28.75 percent. The New York-based exchange has offered to pay 12.43 per share in order to buy the rest of the LSE – around 40 percent more than its first bid in March.
If the bid is accepted, the takeover will create the world’s first transatlantic exchange and the world’s largest.
“We are excited about the prospect of combining two strong businesses to form the leading global, cross-border equity market platform giving issuers the ability to dual-list simultaneously in London and New York,” says Nasdaq’s chief executive Robert Greifeld.