The London Stock Exchange (LSE) has today rejected a takeover offer from rivals Deutsche Boerse but left the door open for a higher bid.
The LSE, Europe's largest share market, said Deutsche Boerse's proposed cash offer does not recognise the "inherent value in the London Stock Exchange's business".
But it added that although the LSE remained confident of the company's growth prospects if it remains independent.
"The board believes that a combination, on the right terms, of the London Stock Exchange with another major stock exchange could be in the best interests of shareholders and customers."
Earlier Deutsche Boerse said a deal would add to earnings from the start and pledged clear fee and other cost cuts for users. It said it aims to pay no less than its already-rejected 530 pence per share, which values Europe's premier financial market at £1.3 billion sterling.
