LSEG London Stock Exchange Group Plc

   By Adriano Marchese 
 

London Stock Exchange Group PLC (LSE.LN) said Friday that it has rejected the 29.6 billion-pound ($36.5 billion) cash and share offer by the Hong Kong Exchanges & Clearing Ltd. (0388.HK).

The exchange operator said the board unanimously rejected the bid by the HK Exchange, and that it had fundamental concerns about the key aspects of the conditional proposal which included strategy, deliverability, form of consideration and value.

The price bid price was 23% premium to the LSEG's closing share price of 6,804 pence on Tuesday and puts an enterprise value on the exchange of GBP31.6 billion, including debt.

LSEG said it remains committed to and continues to make good progress on its proposed acquisition of Refinitiv Holdings Ltd. which it agreed to buy on Aug. 1 in a $27 billion all-share deal including debt.

It is buying the business from a consortium of companies that includes Reuters and funds affiliated with U.S. asset manager Blackstone Group Inc. (BX). Under the terms of the proposed transaction the current owners of Refinitiv will retain a 37% stake in the combined business after completion.

Write to Adriano Marchese at adriano.marchese@dowjones.com

(END) Dow Jones Newswires

September 13, 2019 07:54 ET (11:54 GMT)

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