Hong Kong Exchanges and Clearing Ltd. announced on Tuesday it will not proceed with an offer for London Stock Exchange Group (LSEG).
Hong Kong Exchange made a 39-billion-U.S.-dollar takeover bid for the London Stock Exchange (LSE) on September 11. LSE rejected the offer two days later, saying "the Board has fundamental concerns about the key aspects of the Conditional Proposal."
HKEX's statement, October 8, 2019. /HKEX screenshot
HKEX said on Tuesday that the Board of HKEX is disappointed that it has been unable to engage with the management of LSEG.
"The Board of HKEX continues to believe that a combination of LSEG and HKEX is strategically compelling and would create a world-leading market infrastructure group," said HKEX in a statement.
HKEX shares rose by 2.7 percent in early trading, in their biggest intraday increase in a month.
Read more:
London Stock Exchange rejects Hong Kong's $39 billion takeover offer