StockMarketWire.com - London Stock Exchange rejected a £31.6bn unsolicited takeover bid from Hong Kong Exchanges and Clearing, claiming that it was 'fundamentally flawed' and undervalued the company.

The British bourse operator said it had fundamental concerns about the cash and shares offer, with regards to 'strategy, deliverability, form of consideration and value'.

HKEX offered 2,045p in cash plus 2.495 new HKEX shares for each LSE share.

'The board unanimously rejects the conditional proposal and, given its fundamental flaws, sees no merit in further engagement,' LSE said.

The bid was worth £31.6bn, or about about 8,361p per share, when it was first announced on Wednesday, based on the value of HKEX shares at the time.

At 1:03pm: [LON:LSE] London Stock Exchange Group PLC share price was +131p at 7383p



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