As the deadline for revealing the number for acceptances of its share offer for control of the London Stock Exchange (LSE) nears, market activity suggests that Nasdaq is set to come up just short in its attempt to gain control of the City institution.
Nasdaq already owns nearly 30 per cent of the LSE but requires anything over 50 per cent of its shareholders to accept a bid that values each share at 1,243 pence by 17:00 GMT this evening if it is to successfully take control.
The close of the market on Friday saw shares in LSE trading at 1,283 pence, some three per cent above the Nasdaq estimate.
LSE chiefs have consistently advised their shareholders to hold out against the £2.7 billion bid and are understood to be confident that enough value remains in the market to stave off the unwanted Nasdaq overtures, in spite of their large existing holding.
Nasdaq's long-running interest in the LSE saw the current bid rejected by the LSE board in November last year, with the LSE releasing bullish predictions for the 2008 financial year to shore up any wavering shareholders.
The threat of a separate, rival trading platform, created by a group of leading investment banks, could damage the long-term prospects of the LSE and has been played upon by the Nasdaq's refusal to raise their offer, however.
Project Turquoise, as the plan has become known, is being put together by investment banks Citigroup, Credit Suisse Group and Merrill Lynch.
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