All tied up

If you’re going to try a hostile takeover, don’t tie your hands before you start and make sure you send a consistent message. These are the lessons from Nasdaq’s failed bid for the London Stock Exchange. By going hostile, and in a pretty aggressive way, Nasdaq chief Bob Greifeld set himself a tough challenge. History shows that hostile bids often fail. Even so, to get less than 1% acceptances - and fewer than at the first closing date - is a real humiliation. The big problem was Greifeld’s tac...