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Report: Top LSE shareholders pushing for bidding war after HKEX withdrawal

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Report: Top LSE shareholders pushing for bidding war after HKEX withdrawal

Top investors in London Stock Exchange Group PLC are urging global exchanges including Intercontinental Exchange Inc. to make a last-ditch offer for the British bourse following Hong Kong Exchanges & Clearing Ltd.'s decision to back out of a potential £31.6 billion takeover bid, The Daily Telegraph reported.

Other exchanges have up to seven weeks to set out an offer for LSE before its shareholders approve its acquisition of financial data provider Refinitiv Holdings Ltd. sometime in November, after which LSE will become too big to buy, the newspaper reported. HKEX's offer required that LSE abandons the Refinitiv deal.

Following HKEX's withdrawal from a potential bid, LSE said that it remains committed to the Refinitiv deal, adding that the acquisition remains on track to close in the second half of 2020.

ICE withdrew from a potential takeover attempt of LSE in May 2016, citing a lack of engagement from the British bourse.

Short-term traders could benefit from the sudden increase in LSE's share price that would result from a bidding war for the exchange, one adviser close to the LSE said.