The London Stock Exchange (LSE) on Friday rejected the nearly $37 million acquisition offer from the Stock Exchange of Hong Kong (HKEX)
MOSCOW (Pakistan Point News / Sputnik - 13th September, 2019) The London Stock Exchange (LSE) on Friday rejected the nearly $37 million acquisition offer from the Stock Exchange of Hong Kong (HKEX).
"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 said in a statement.
It cited different strategic objectives, potential difficulties with regulators and low value of the proposal.
"The ongoing situation in Hong Kong adds to this uncertainty. Furthermore, we question the sustainability of HKEX's position as a strategic gateway in the longer term. The Hong Kong concentration and core characteristics of your business, together with your Hong Kong domicile and listing, present an additional set of difficulties," the LSE said.
