Friday, 27 March 2015
Last updated 4 hours ago
Dec 12 2006 | 9:58am ET
The Nasdaq Stock Market launched a hostile takeover of the London Stock Exchange this morning in a move that may burn hedge funds that have recently poured money into LSE shares.
With the $5.3 billion bid, Nasdaq is offering the same price per share it announced in January, and that the LSE rejected as too low. The New York-based Nasdaq says it will not raise its offer unless it is outbid or LSE allows a friendly approach.
Nasdaq has also ditched its plan for a full takeover of the LSE, opting instead for easier-to-achieve effective control. Nasdaq said its bid will become unconditional if it receives acceptances from owners of just over half of the LSE’s shareholders, a road smoothed by the fact that Nasdaq already owns almost 30% of the LSE. Previously, the Nasdaq sought the approval of 90% of LSE shareholders, as required under British law, to force out the remaining investors and take a company private.
In other words, Nasdaq may not need to win over—financially or otherwise—the hedge funds that own an estimated one-third of LSE shares to win control. Hedge funds investing in the LSE were expected to demand a better price than that Nasdaq is offering.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…