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Last Updated: Friday, 26 January 2007, 20:12 GMT
Nasdaq extends LSE share deadline
Nasdaq stock exchange boards
Nasdaq already owns about 29% of the LSE
The Nasdaq has extended its closing date for shareholders in the London Stock Exchange (LSE) to accept its proposed hostile takeover bid.

The group had set midnight on Friday as the closing date for its offer, but that has now been extended until 1pm UK time on Saturday, 10 February.

However the US market has said it will not raise its 1,243p per share offer.

Nasdaq has blamed the LSE's refusal to enter takeover talks for its decision not to raise its bid price.

The London exchange has consistently rebuffed the offer, dubbing it "wholly inadequate" and has urged shareholders not to sell up.

Meanwhile, the LSE last week issued an upbeat trading forecast and said it would return an extra 250m to shareholders.

On Friday Nasdaq said LSE shareholders had pledged only 0.62% of ordinary, or common, shares, far from reaching the 21% needed to complete its hostile 2.7bn($5.3bn) takeover.

In a statement it said: "LSE shareholders are urged to accept the final offers as you, rather than the LSE board, will determine whether the final offers will be implemented."

Nasdaq must get acceptances from just over 50% of LSE's shareholders - which would include its own 29.37% stake - to complete the takeover.

"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 strategic position, outstanding financial performance and excellent prospects," the LSE said in a statement.

Nasdaq attacks LSE's bid stance
23 Jan 07 |  Business
LSE strengthens takeover defence
18 Jan 07 |  Business
Nasdaq struggles for LSE shares
11 Jan 07 |  Business
LSE fights bid with rising profit
09 Jan 07 |  Business
Nasdaq still confident of LSE win
08 Jan 07 |  Business
LSE dubs Nasdaq bid 'inadequate'
19 Dec 06 |  Business

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