(Adds statement from LSE board)
LONDON (AFX) - Nasdaq Stock Market Inc said it has extended its 2.7 bln stg hostile bid for the London Stock Exchange PLC to January 26 after securing support from under 1 pct of the LSE's shareholders.
In a statement following the first closing date for its 1243 pence a share offer the US exchange said 0.6 pct of LSE shareholders had accepted the US exchange's offer, which was made last month and rejected as too low by the LSE board.
Nasdaq already has a 28.75 pct stake in the LSE.
The LSE responded: 'This very low level of acceptances is in line with the board's view that Nasdaq's offer substantially undervalues the Exchange and fails to reflect its unique position and the powerful earnings and operational momentum of the business.'
'The board of the Exchange continues to recommend strongly that Exchange shareholders reject Nasdaq's wholly inadequate offer and take no action in respect of their shareholdings.' nick.huber@afxnews.com nh/slm/nh/slm COPYRIGHT Copyright AFX News Limited 2006. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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