London: London Stock Exchange Group on Friday formally rejected a takeover bid by its Hong Kong rival, citing "fundamental" flaws and concerns over its ties to the Hong Kong government.
In a statement, LSEG said management "unanimously rejects the conditional proposal" from Hong Kong Stock Exchange (HKEX) and "given its fundamental flaws, sees no merit in further engagement" regarding the offer worth almost £32 billion ($40 billion, 36 billion euros).
"There is no doubt that your unusual board structure and your relationship with the Hong Kong government will complicate matters," LSEG told HKEX bosses in a letter published alongside the rejection statement.
LSEG, which runs the London and Milan stock exchanges, added that it "remains committed to and continues to make good progress on its proposed acquisition" of US financial data provider Refinitiv.
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