Nasdaq Stock Market today dropped its £2.4 billion ($4.19 billion) offer for the London Stock Exchange, confirmed Nasdaq spokeswoman Silvia Davi. Nasdaq launched its unsolicited bid on March 10.
A London Stock Exchange spokeswoman said exchange officials did not plan to comment on the Nasdaq announcement. In response to the March 10 offer, they had said the bid "substantially" undervalued the exchange, "its unique position and the very significant synergies that would be achievable from the combination of London Stock Exchange with any major exchange group."
Ms. Davi said Nasdaq officials would not comment beyond a news release, which said the exchange reserves the right to launch a new bid or participate in a bid for the LSE in the next six months under certain circumstances, including if the London Stock Exchange board of directors agrees to a deal or a third party bids for the exchange.
David Easthope, a securities and investments analyst at financial consulting firm Celent, said the London Stock Exchange is likely to remain independent, and other bids for it are unlikely over the near future.
"Things will calm down for quite a while. There are only so many global exchanges out there, so many potential acquirers and acquirees," he said. "The only other potential bidder that could emerge would be the New York Stock Exchange, and they're tied down with developing the hybrid model. I don't see them jumping into the fray."
Richard Adamonis, a Big Board spokesman, declined to comment.