Hong Kong Exchanges Bids $ 37 Billion to Buy London Stock Exchange

Hong Kong Exchanges & Clearing Ltd.

388, + 2.57%

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

LSE, + 0.95%

. "The board of directors 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 follow this proposal." The unsolicited bid was announced in September and was immediately rejected by LSE, although HKEX had promised to push ahead.