The London Stock Exchange this morning rejected a proposed $39 billion takeover by Hong Kong Exchanges and Clearing, saying that it instead plans to proceed with its own $27 billion acquisition of financial data firm Refnitiv.
Why it matters: We suggested this one could face political headwinds, and it appears that LSE's board felt the same, per the mention in its rejection letter of how HKEX's government relationships could "complicate matters." LSE also told HKEX not to bother with a follow-up offer, writing: "The board unanimously rejects the conditional proposal and, given its fundamental flaws, sees no merit in further engagement."
