Purists are likely to argue that if somebody wants to grab the London Stock Exchange, they should offer a proper price
The London Stock Exchange and Deutsche Börse haven’t managed to settle on a name for their proposed union – it still labours under the clunky title of UK TopCo – but both parties insist the deal would be that rare thing, a “merger of equals”.
That’s half the problem, many LSE shareholders will feel. Their exchange is not obviously in need of a partner that won’t offer a takeover premium. The LSE’s pre-tax profits for 2015 improved by 31% to £643m and the dividend was raised 20%. If somebody wants to grab the business, let them offer a proper price rather than cuddle up via a nil-premium exchange of shares, purists will argue. Thus all eyes will now turn to the Intercontinental Exchange (Ice), owner of the New York Stock Exchange, which has threatened to get involved without committing to do so.
Related: The bourse of true love never did run smooth. Ask the LSE
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