Hong Kong's stock exchange (HKEX) has just dropped its $36.6B bid to acquire London Stock Exchange (LSE), HKEX announced today.
According to the announcement, HKEX has decided not to proceed with the takeover of LSE because "it is not happy with the management of the exchange and believes its acquisition will not be in the best interests of its investors."
Hong Kong's stock exchange unexpectedly presented its bid on September 11, while LSE rejected it just two days later.
Now, HKEX has decided not to improve its bid for the stock exchange and will not submit a new one before tomorrow's deadline.
Hong Kong's stock exchange will have to wait 6 months before it can submit a new bid for LSE, as established by UK law.
iHodl reported about the bid last month, reporting that the possible merger would not affect the operation of the exchange or its employees. However, the transaction would only be possible if LSE renounced the purchase of Refinitiv, a company responsible for financial information terminals owned by Thomson Reuters and Blackstone.
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