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Show Sunday, February 1 1, DAILY 2007 HERALD A11 Nasdaq fails in hostile takeover bid for London Stock Exchange JaneWardell THE total market value of $11.8 tril- of banks known as Project Turquoise is planning a platform in a move that appears to be part of Nasdaq's efforts to drive down the exchange's lion. ASSOCIATED PRESS LONDON The Nasdaq Stock Market Inc. failed for the second time in a year to win control of the London Stock Exchange PLC, revealing Saturday that its $5.3 billion hostile bid had been spurned by the British bourse's Nasdaq is now barred under British takeover law from renewing its bid for a year and declined to say Saturday what it planned to do with the 29.16 percent stake in the London bourse it retains. Greifeld has previously indicated that Nasdaq may keep shareholders. its stake in the expectation that Nasdaq, which abandoned its the LSE's shares will fall He first attempt at the LSE several has said Nasdaq would conmonths ago, had extended its sider offering its technology to current offer by two weeks in an LSE rival a consortium an attempt to win over more a move that . shareholders proved fruitless. In the end, the New York-base- d exchange received acceptances worth just 0.41 percent of the LSE's ordinary shares in return for its $24.35 per share bid. Even added to the 28.75 percent share holding Nasdaq built up by buying in the market in . recent months, that remained well short of the 50 percent it needed to begin taking control. Reflecting the increasingly acrimonious battle between the two exchanges in recent months, Nasdaq stood by its claims the LSE was overvalued, while the London exchange's board said it looked forward to going about its business "without the distraction of approaches which fail to understand the value of the business." Nasdaq was just one of many suitors for the LSE in recent years Deutsche Boerse AG and Australia's Macquarie Bank Ltd. made formal said in a statement. He added that Nasdaq's disappointment at losing its bid The LSE has almost tripled its share value from 450 pence two years ago, with Chief Executive Clara Furse winning praise in Britain for holding out against the failed suitors. The stock closed flat at 1.282 pence ($25) on Friday. "The price was never quite right, and it didn't seem like the Nasdaq was willing to pay a large premium for control," said David East hope, an analyst with consulting firm Celent. "The London Stock Exchange realized there wasn't was "tempered by the knowledge that we remained true to our value case." share price. "Nasdaq will continue to pursue other opportunities to build on its existing position as the world's largest electronic equities exchange and we look forward to maintaining our strong track record of creating shareholder value through our industry leading business model and strategy," Greifeld Greifeld has consistently argued that the stock has been vastly inflated in recent years because of takeover fever, claiming earlier this week that the LSE is misleading shareholders by basing its growth prospects on g and misguided peer group selection." cross-Atlant- "self-servin- -- it would be a disappointment if he abandoned Europe alto- gether." "It is apparent there is great growth potential in Europe with accelerated volumes and very strong trading potential," Easthope added. I t 1 any urgency to being acquired, and this stalemate will be on for quite a bit unless the Nasdaq realizes they need the LSE and are willing to pay more." Easthope added that Greifeld had built up expectations about a move into Europe so far "that ap- proaches while Euronext NV cited interest without naming a price amid increasing pressure on stock exchanges to find merger partners so they can compete globally. The New York Stock Exchange is due to close its $14.3 billion acquisition of Euronext, the operator of the Paris, Amsterdam, Brussels and Lisbon exchanges, within the next I - ' II I i couple of months. The NYSE also recently took a major stake in India's largest bourse and signed a broad agreement with the Tokyo Stock Exchange, the world's second-biggefinancial market. A combination of the Nasdaq and LSE would have created the world's second exchange with about 6,400 listed companies carrying a '"1 f 'Out I 1 st i 11I if r. trans-Atlant- Giuliani gets warm reception in California f John Pomfret THE ( WASHINGTON POST V SACRAMENTO, Calif. Rudy Giuliani came west this weekend to learn whether his brand of Republican politics had a chance among party members significantly more conservative than himself. By the time he had received a fourth standing ovation Saturday at the California Republican Party convention, the answer seemed clear. Equating the U.S. fight II against terrorism with the Civil War and the Cold War, Add A Line For Giuliani told about 750 of his party's faithful that failure in Iraq would turn that country into a "massive headquarters for terrorism." "Having had a job where I didn't have any choice but to make a decision," said the former mayor of New York, "prepares you as best you can be prepared to be the president of the United States." Asked in a subsequent news conference when he would formally announce his candidacy, Giuliani quipped: "If you go back to my speech, 1 think you'll find one. We'll figure out how to do it in five places so we'll get more attention." As mayor during the Sept. 11, 2001, attacks, Giuliani gained worldwide recognition for his leadership in the face of a tragic disaster, propelling the former federal prosecutor onto the national political stage. Giuliani currently stands at the head of the polls in the race for the Republican nomination. Nevertheless, the Brooklyn-bor- n son of a former n has significant obstacles in his quest to become president, He has been in the private sector for the past six years; he still supports the war while the rest of the country is shifting against it; he would only be the second Catholic to win the White House; and his social views he is Only$Q99 New annual agreement required per line. Activation fees, taxes & other charges apply VERIZON WIRELESS COMMUN ICAT10NS STORES Store hours: LAYTON Hills liyton Mill (801) 5931220 1. Sun tlnv4pm Hours M Htect tav-tp- fort Union BM. (801) SAiTlAMCIIY fcwjrtt Mil Bosk 0)01) 2274 S. UntnrsHy Nn 250 MURRAY FisrwnPlicMill(J01)2M-O43- HUII and low Conn South hcwy. (Ml) 720 AUTHORIZED RETAILERS Equtpmntl VfftiMi WITH VERIZON EXCLUSIVE 01) wtsi jordan Network prkn. rHutn I ittun Wlrtlj poky q by S. PtiU louttan. Authorind Rrt jitrrs OFFERS WIRELESS EMPLOYEES - AVAILABLE! 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