Macquarie still fighting for LSE
(20 January 2006 – UK) Macquarie Bank refuses to be deterred from its aim of taking over the London Stock Exchange (LSE) despite a strongly worded document recommending LSE shareholders reject the deal.
"Macquarie has nothing to add – reject the offer," the LSE said in a 40 page document.
"It disregards our strategic position, it ignores the quality and value of our franchise, it incorrectly states that we have low growth prospects and it overlooks the re-rating and exciting potential of the sector," the document said.
In response, Macquarie said the document showed the LSE had a "lack of ambition" and a "lack of strategic direction".
Macquarie said the bid remained the only one on the table and that ownership of the LSE would provide long term stability.
It described the bid as "attractive, certain and deliverable".
"It disregards our strategic position, it ignores the quality and value of our franchise, it incorrectly states that we have low growth prospects and it overlooks the re-rating and exciting potential of the sector," the document said.
In response, Macquarie said the document showed the LSE had a "lack of ambition" and a "lack of strategic direction".
Macquarie said the bid remained the only one on the table and that ownership of the LSE would provide long term stability.
It described the bid as "attractive, certain and deliverable".
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