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Hong Kong Exchanges and Clearance Ltd’s $37 billion offer rejected by the LSE

Hong Kong Exchanges and Clearance Ltd’s $37 billion offer rejected by the LSE
Hong Kong Exchanges and Clearance Ltd’s $37 billion offer rejected by the LSE
Earlier in the week, The London Stock Exchange announced that it will stay on track with its commitment to complete the acquisition of Refinitiv, a data and analytics firm.

A mammoth takeover bid worth reportedly $37 billion made by Honk Kong Exchange has also been rejected by the London Stock Exchange.

Rejecting the bid, a statement given by the LSE roughly states that the fundamental flaws of the conditional proposal bring no development, thus there is no merit in further engagement, due to which the bid is unanimously been rejected by the board.

As per reports, in the conditional proposal made by the Hong Kong Exchanges and Clearing Limited, deliverability, value, strategy and form of consideration were amongst the fundamental concerns raised by The LSE.

Provided that the deal would have materialized, it would provide the LSE with a strong foothold in Asia, a fast-growing region. Which could be really beneficial for Britain given the entire Brexit scenario.

Furthermore, the Hong Kong Exchanges and Clearing Ltd. also went on to say that the deal would massively improve the British capitals reputation as a financial hub.

As per the statement, LSE revealed that it is on par with its target to officiate the multibillion-dollar deal sometime in the next year.

The acquisition deal of Refintiv was officially announced by LSE on August 1st.