The Hong Kong Stock Exchange has placed the multi-billion dollar bid on the appreciated London Stock Exchange (LSE).
The bid was worth £ 32bn ($ 40bn) and was dependent on the ax on the London Stock Exchange's planned acquisition of US financial data provider Refinitive.
But LSE had rejected the offer, saying it fell "substantially short" by an appropriate valuation.
Hong Kong Exchanges and Clearing (HKEX) said it was now in the shareholders' best interest to release the bid.
In a statement, the Board said it still believed that a tie-up was "strategically compelling" and "would create a world-leading market for infrastructure for the market".
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HKEX had until Wednesday to follow up its first takeover bid with a firm bid.
Under UK rules, a six-month LSE approach is not allowed.
"The board of directors of HKEX is disappointed that it has not been able to work with the leadership of LSEG to realize this vision," a statement said.
Shares in LSE fell 6% in response to the news.
LSE's board unanimously rejected the bid last month, saying it saw "no profit in further engagement".
In a published letter sent to HKEX, LSE said the bid was "inherently uncertain" because it was largely in shares, and also because of Hong Kong's questionable future as a strategic gateway.
Neil Wilson, chief market analyst at Markets.com, said investors had "pulled over the antitrust, regulatory and deliverability issues that the bond suggested."
However, he added: "We are a little surprised HKEX did not try again ̵
" [LSE] shares slipped … on it is open, but what is still unclear is whether one of the major US exchanges will enter. "