The Nasdaq may be getting some help from hedge funds. Corporate raider Samuel Heyman has built an 8.8 percent stake in the LSE; he's now the second-largest shareholder behind the Nasdaq. Other hedge funds seem to be snapping up shares, suggesting their belief in an improved offer. The notion is that hedge funds will force the LSE to reconsider its outright rejection of the Nasdaq's bid. The Nasdaq would clearly like hedge funds to get more involved in pressuring Clara Furse, the head of the LSE, who says the Nasdaq's bid is way too low. One strategy by the Nasdaq would be to launch an all-out media campaign aimed at shareholders. It seems like a time for definitive action in any case.

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