The LSE hits back at Nasdaq

The London Stock Exchange has responded to the hostile action of the Nasdaq with a document that makes clear its view that the Nasdaq's bid is not rich enough. It does not mention any competing bids or deals. But it does allude to joint ventures. It says that it is "exploring strategic options for cooperation and consolidation." Not sure what is meant by that. In addition, the CEO of the LSE has been doing some interviews. So a big PR effort is underway to scuttle the bid. This battle is likely to be determined by the hedge funds that are large shareholders of the LSE. Many of them piled in to score some quick gains. It's unclear what the Nasdaq can do from here. Takeover rules ostensibly bar it from raising its bid, which it termed final anyway. Stay tuned.

For more:
- here's a Financial Times update