Nasdaq’s final offer for the London Stock Exchange has lapsed. Due to this, LSE shareholders are no longer bound by any former agreements.
Nasdaq say that they still believe that 1,243 pence in cash represents a full and fair price. This was in view of the challenges facing the LSE business model going forward.
They also said that the LSE was facing unprecedented changes with the introduction of MiFID.
“We are naturally disappointed at this outcome as we remain of the view that the Final Offers represented a full and fair price for LSE shareholders,” says Robert Greifeld, the President and CEO of Nasdaq. “However, this disappointment is tempered by the knowledge that we remained true to our value case. We have a highly disciplined approach to acquisitions and will only consummate transactions to the extent that they deliver clear and visible benefits for NASDAQ shareholders, and enable us to allocate benefits to market participants. NASDAQ will continue to pursue other opportunities to build on its existing position as the world’s largest electronic equities exchange and we look forward to maintaining our strong track record of creating shareholder value through our industry leading business model and strategy.”