Hong Kong Exchanges and Clearing made an unsolicited US$39-billion takeover bid for the London Stock Exchange, an offer contingent on the LSE ditching its planned acquisition of data company Refinitiv.
The offer is the latest attempt at an exchange megamerger after multiple failures between LSE and Deutsche Boerse over the past 17 years.
The LSE’s share price, up more than 2,000 per cent since it listed in 2001, reflects its frequent position as a bid target.
An attempted merger between Deutsche Boerse and the London exchange was struck down by European regulators.
ICE said it might launch a rival bid to Deutsche Boerse’s offer for LSE but shelved those plans in May.
Nearly 16 years after their first attempt to merge, LSE and Deutsche Boerse confirmed they were holding detailed discussions on an all-share merger.
LSE announced talks to buy Russell Investments in a deal to expand its stock index business in the United States.
LSE acquired a majority stake in LCH Clearnet and has built its holding since. Clearing houses offered investment opportunities as regulators cracked down on markets.
LSE agreed a merger with TMX Group, which operates the Toronto Stock Exchange. LSE’s plans collapsed in June, 2011, in the face of a competing bid.
LSE bought a majority stake in platform rival Turquoise, granting it immediate access to pan-European share trading.
LSE agrees to buy its Italian counterpart for €1.6-billion ($2.3-billion), aiming to become “the world’s capital market”.
LSE rejects a US$4.2-billion offer from Nasdaq. Bid turns hostile and Nasdaq’s approach falls through in February, 2007.
Macquarie makes a formal cash offer for LSE valuing it at £1.5-billion ($2.4-billion).
Deutsche Boerse offers 520 pence a share for LSE, valuing it at £1.3-billion ($2.1-billion). Proposed offer is withdrawn in March, 2005.
LSE abandons a planned merger with its German counterpart which was announced in May.
The Stockholm Stock Exchange launches a hostile bid for the LSE.