Intercontinental Exchange Inc. will not make an offerfor London Stock Exchange GroupPlc, saying due diligence revealed "insufficient engagement toconfirm the potential market and shareholder benefits" of such a tie-up.
ICE said in March that it was considering a bid to rival the plannedmerger of LSE andDeutsche Börse AG.
ICE added in its May 4 statement that it reserves the rightto make or participate in an offer for LSE under certain circumstances. Theseinclude a scenario under which the LSE-Deutsche Börse deal were to collapse andLSE's board agreed to or recommended an ICE bid, as well as if a third partyannounced a "firm intention" to make an offer for LSE.
LSE CEO Xavier Rolet said in that the company's board would notconsider an offer from ICE, mainly because of the U.S. company's track recordwith previous acquisitions.