Hong Kong Exchanges drops $37 billion bid to buy London Stock Exchange – MarketWatch

Hong Kong Exchanges & Clearing Ltd.

388, +2.83%

announced early Tuesday, local time, that it will drop its $37 billion bid to buy the London Stock Exchange Group PLC

LSE, +0.95%

. “The Board of HKEX continues to believe that a combination of LSEG and HKEX is strategically compelling,” HKEX said in a statement, but the boards of the two companies were “unable to engage.” As a result, the board decided “it is not in the best interests of HKEX shareholders to pursue this proposal.” The unsolicited bid was announced in September, and was immediately rejected by LSE, though HKEX had vowed to press ahead.