StockMarketWire.com - Hong Kong Exchanges and Clearing said it had made a £31.6bn takeover bid for London Stock Exchange, sending the British bourse operator's shares surging.

Shareholders in the UK company would be offered 2,045p in cash plus 2.495 new HKEX shares.

The proposed transaction implied a value for each LSE share of about 8,361p, based on the HK$245.20 closing price of HKEX shares on Tuesday.

HKEX chairman Laura Cha said the proposed combination represented a 'highly compelling strategic opportunity to create a global market infrastructure group, bringing together the largest and most significant financial centres in Asia and Europe'.

In response, LSE described the offer as 'unsolicited, preliminary and highly conditional'.

LSE said its board would consider the approach and make a further announcement in due course.

The company also said that it continued to make 'good progress' on its proposed acquisition of Refinitiv Holdings announced last month.

At 1:11pm: [LON:LSE] London Stock Exchange Group PLC share price was +369p at 7173p



Story provided by StockMarketWire.com