US stock market company Nasdaq said it had secured agreements to buy just 0.6% of shares available in takeover target, the London Stock Exchange (LSE).
LSE shares have trebled in value since takeover speculation began
Nasdaq, which already owns 28.75% of the LSE, has extended the deadline for shareholders to agree support the bid until January 26.
The LSE said that the low uptake level indicated that the hostile £2.7bn ($5.2bn) offer was too low.
It is recommending shareholders reject Nasdaq's "wholly inadequate offer".
"This very low level of acceptances is in line with the board's view that Nasdaq's offer substantially undervalues the Exchange and fails to reflect its unique position and the powerful earnings and operational momentum of the business," the LSE said.
On Tuesday, the LSE rushed out its latest profit figures as part of an attempt to ward off the hostile takeover from US market Nasdaq.
In the statement, three weeks ahead of schedule, the LSE said that its pre-tax profit for the final three months of 2006 rose 12% to £44.2m ($85.7m).
Revenues were up across all parts of its business, the LSE added.
However Nasdaq said the results showed nothing new and took no account of "customer dissatisfaction, the new competitive threats introduced by upcoming regulatory changes, or accelerating consolidation will have on LSE's future financial performance."
Its offer equates to 1243p a share.
Shares in LSE - Europe's largest stock market - closed up 1.79%, at 1307 pence - valuing it at around £2.79bn.
They have more than trebled over the past two years as it has attracted - and rejected - a procession of suitors including pan-European market Euronext and Germany's Deutsche Boerse.