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Report: HKEX to improve offer for LSE

Hong Kong Exchanges & Clearing Ltd. is expected to raise its £32 billion takeover offer for London Stock Exchange Group PLC in the coming week following discussions with some LSE shareholders, The Times reported, citing unnamed sources.

LSE rejected HKEX's surprise takeover bid in September, citing current political turmoil in Hong Kong and potential intense scrutiny from regulators and government entities.

The offer in place values the British bourse's shares at £83.61 apiece, based on the Sept. 10 closing price of HK$245.20 per HKEX share and an exchange rate of £1 to HK$9.6865. Reuters reported, citing LSE investors, that investors are looking for HKEX to increase the per-share offer price to between £90 and £100 as well as increase the cash portion of the offer.

Under U.K. takeover rules, Hong Kong Exchanges must submit a formal offer by Oct. 9 unless LSE grants an extension.