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. Last Updated: 07/27/2016

Nasdaq Extends $5.3Bln Bid

NEW YORK -- Nasdaq extended its £2.7 billion ($5.3 billion) offer for the London Stock Exchange as the British exchange refused to negotiate and shareholders controlling less than 1 percent of the stock accepted the bid.

Nasdaq, the second-largest U.S. equity market, has tried unsuccessfully for 10 months to open talks with the LSE to create a trans-Atlantic stock exchange. Nasdaq said Friday that there was not enough time to raise the bid even if the LSE opened discussions before the Jan. 27 deadline.

The New York-based company ruled out a higher bid and continued its appeal to shareholders, offering to pay 1,243 ($24.37) pence per share until Feb. 10.

"Investors will now have to decide whether 1,243 pence is all they can get or whether there's a chance of another bidder,'' said Michael Long, an analyst at Keefe, Bruyette & Woods in London, who rates the London Stock Exchange at "underperform'' and estimates the stock is worth 1,100 pence if the company remains independent. "Time will tell which point of view is most dominant.''