Reuters: Nasdaq says may up bid if LSE recommends new price

21 November 2006

Nasdaq will consider raising its bid for the London Stock Exchange if the LSE recommends a higher price or a rival bid emerges, the president of Nasdaq International said on Tuesday.

Nasdaq, which holds a 28.75 percent stake in the LSE, said on Monday it would pay 1,243 pence per share in cash for the rest of Europe's biggest stock market.

'It's the best final offer,' Charlotte Crosswell told Reuters on the sidelines of a conference in Dubai.

'There are two circumstances for any change. If the LSE makes a recommendation or if there is competing bid,' she said.

The LSE rejected Nasdaq's offer within seven hours, with Chief Executive Clara Furse saying it 'fails to recognise the outstanding growth record and prospects of our group on a stand-alone basis'.

© Reuters