The London Stock Exchange Group (LSE) have rejected a £32bn takeover approach from Hong Kong Exchanges and Clearing (HKEX).
A statement from LSE earlier today read: “Further to the announcement on 11 September 2019, the Board of London Stock Exchange Group plc, together with its financial and legal advisers, has now considered the unsolicited, preliminary and highly conditional proposal from Hong Kong Exchanges and Clearing Limited to acquire the entire share capital of LSEG.
“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.
“LSEG has today sent a letter to HKEX setting out the reasons for its rejection.
“LSEG remains committed to and continues to make good progress on its proposed acquisition of Refinitiv Holdings Ltd. Regulatory approval processes are under way and a circular is expected to be posted to LSEG shareholders in November 2019 to seek their approval of the transaction. The transaction remains on track to close in H2 2020.”