LSE spurns Nasdaq advances

The London Stock Exchange (LSE) on Monday turned down a Sterling pound 2.7 billion ($5.1bn) final offer by US-based Nasdaq.

In an official statement, LSE said the bid grossly undervalued it so much so that its board was not ready for further discussion.

The announcement set off frenzied trading in LSE shares, which closed 6% higher at 1,291 pence, well above the 1,243 pence per share offer price. As many as 50 million shares changed hands during trade.