Reply #5: Nasdaq Abandons Bid for Exchange in Britain

[ozymandius]

Nasdaq, the largest U.S. electronic equity market, is the third suitor in 14 months to walk away from the London exchange as Chief Executive Clara Furse, 48, holds out for more money.

"LSE looks a little bit left out in the cold," said Stuart Fraser, a director at Brewin Dolphin, which manages $28 billion, including about 500,000 London Stock Exchange shares. While the share price is still above Nasdaq's bid, LSE is no longer "in active play," he said.

Furse, who has touted the London exchange's viability as an independent company, on March 10 rejected Nasdaq's approach. LSE shares surged 34% in the next four days as some analysts said the New York Stock Exchange might join the bidding.

more...