The Age – US TECHNOLOGY exchange Nasdaq will focus its persuasive efforts on a clutch of hedge funds to win the battle to control the London Stock Exchange.
Hedge fund investors in the LSE control 30-35 per cent of the LSE’s equity, which, added to Nasdaq’s 28.75 per cent stake, would be enough to seal majority control.
Nasdaq chief executive Bob Greifeld’s efforts will now be focused on meeting the LSE’s hedge fund investors.
The push to convince the hedge funds to sell to Nasdaq at £12.43 a share ($A31), follows publication of the American exchange’s offer document.
The hedge funds will play a crucial role in deciding the LSE’s fate after Nasdaq used the publication of its 301-page offer document to reduce the takeover threshold for acceptances from 90 per cent of the LSE’s equity to 50 per cent plus one share.
