Nasdaq/LSE Spooky

Throughout its battle to buy the London Stock Exchange, Nasdaq has made a virtue of consistency. All along it has insisted that £12.43 is a full and fair price. To strengthen its case, Nasdaq warned investors that if its offer lapses, it might sell its 29% stake altogether, rather than wait a year and return with a better price. But Nasdaq is now undermining that argument with warnings to investors that it could hold on to its shares for the longer term. That’s a high risk strategy for Nasdaq -...