OAN:
LONDON (Reuters) – The London Stock Exchange <LSE.L> emphatically rejected the Hong Kong bourse’s $39 billion takeover offer on Friday, opting to stick with its planned purchase of data and analytics group Refinitiv.
The Hong Kong exchange will now likely have to go hostile and present a better offer directly to LSE shareholders if it wants to keep alive its hopes of becoming a more global player to rival U.S. giants ICE <ICE.N> and CME <CME.O>.
The LSE told HKEX in a letter that it had fundamental concerns about key aspects of the proposal which it said had no strategic merit, and that HKEX’s relationship with the Hong Kong government would “complicate matters”.
HKEX’s valuation of the LSE falls “substantially short” and the “ongoing situation in Hong Kong” adds to uncertainty for shareholders, the London bourse added, a reference to weeks of pro-democracy street protests in the former British colony.
“Accordingly, the board unanimously rejects the conditional proposal and, given its fundamental flaws, sees no merit in further engagement,” the LSE said in a statement. more
Good on the LSE. It would be good to see more companies decline to sell major assets to the Chinese, no matter whether the offers come from Hong Kong or Beijing.
“The LSE told HKEX in a letter that it had fundamental concerns about key aspects of the proposal which it said had no strategic merit, and that HKEX’s relationship with the Hong Kong government would “complicate matters”.
HKEX’s valuation of the LSE falls “substantially short” and the “ongoing situation in Hong Kong” adds to uncertainty for shareholders,…”
In plain english, “We want more money, fuckers.”
This was just a distraction to get the West on defense.
The Chicoms can manufacture whatever dollar figure because they’re already so overextended. That’s not what this was though.
Hey, I’d like to buy your car that you’re not selling for a quarter of blue book. Deal? I really like your car.
You see how they handle peaceful protesters. You want them running Wall Street?
I don’t even want their kids going to college here or being allowed to by property on our soil. No part of what they do is divorced from their government.
Like all Communists, their lies are transparent because they’re used to never being questioned.