LSE/Macquarie Mac attack

Macquarie spent the best part of half a year deciding whether to bid for the London Stock Exchange. Now it has done so. But its 580p-a-share indicative offer, worth £1.5bn, hardly seems worth the wait. The bid is 32p below the LSE’s closing share price and only 30p above the LSE’s share price the day before Macquarie first expressed an interest – since when the LSE has delivered some strong results. There was never the slightest chance the Australians would secure a recommendation from the LSE b...