If the London Stock Exchange's goal was to truly thwart the Nasdaq, and not just goose the bidding, it may well succeed. Nasdaq unveiled terms of its financing in an SEC filing--up to $5.1 billion. It also acknowledged that it most likely could not raise much more, which seems to throw water on the hope that it might significantly raise its bid. Recall that when Nasdaq announced its offer for the exchange, Standard & Poor's promptly put the company's bonds on Creditwatch, suggesting a downgrade was possible. Some of the financing for the proposed deal involved a bridge loan facility, which carries what appear to be "distressed" rates.

For more:
- Here's a Financial Times article
- Is it getting hostile? Article