Hong Kong’s stock exchange says it won’t proceed with ~$37B takeover bid for LSE

Hong Kong Exchanges & Clearing (HKEX) has officially dropped a $36.6 billion takeover bid for its rival London Stock Exchange (LSE) Group.

HKEX announced Tuesday that it is “disappointed” with the management of LSE Group and therefore has decided “it is not in the best interests of HKEX shareholders to pursue this proposal.”


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HKEX made the unexpected bid on Sept. 11, and two days after the LSE Group rejected the proposal, given its “fundamental flaws” - strategy, deliverability, form of consideration and value - and saw “no merit” in further engagement.

At the time, the LSE group said that the Refinitiv deal made more strategic sense. In August, LSE agreed to acquire financial information company Refinitiv from a Blackstone-led consortium for $27 billion.

LSE  said it remains “committed” to the deal, further details of which are expected to be announced in November. The transaction is "on track to close in H2 2020," it added at the time.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.