Is that your final answer?

By making its bid for the London Stock Exchange final, Nasdaq has been quite smart. The US exchange clearly sees LSE boss Clara Furse as the roadblock in the way of a deal. Therefore it is seeking to pile pressure on her. Consider the way the bid has been framed. The designation final means that under UK takeover code rules it cannot be increased. But there are two get-outs: the first if someone else makes a bid; and the second, if the LSE recommends Nasdaq’s bid. In those circumstances, the Am...