London Stock Exchange (LSE) on Friday rejected a $36.6 billion takeover bid from Hong Kong Exchanges and Clearing (HKEX) citing concern over Hong Kong market’s future security and stability in the wake of massive anti-government protests that rocked the city for months, reports say.
The LSE decided to go ahead with its plans to purchase Refinitiv Holdings Ltd by the second half of next year.
In a letter to the chairman of HKEX, LSE chief Don Robert said his facility prefers Shanghai Stock Exchange to Hong Kong bourse as a strategic partner.
LSE is upset over HKEX’s conduct to publish its unsolicited proposal two days after LSE received it, the letter said.
LSE views HKEX shares as unattractive. Hong Kong bourse’s offer was 25% in cash and 75% in new shares, it added.
Foreign interests started their efforts to take over the more than 200-year-old exchange after LSE voted to become a public limited company in 2000.
In 2006, LSE fended off a hostile bid from the American stock exchange Nasdaq.