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Shortcomings in failed £32bn approach were evident from the outset
Blink and you missed it. The Hong Kong stock exchange’s attempt to buy its London counterpart must rank as the most feeble “hostile” bid seen in years. The £32bn approach looked flawed at the outset, was quickly rejected by the London Stock Exchange and has now been dropped a month later.
Trying to justify the failed expedition, Charles Li, the chief executive of Hong Kong Exchanges and Clearing (HKEX), cited a line he attributed to Lewis Carroll in a blogpost: “We only regret the chances we didn’t take.” He would have been closer to the mark if he had said his offer required the LSE’s board and shareholders to imitate the White Queen and believe six impossible things before breakfast. Continue reading...