London Stock Exchange rejects Hong Kong takeover bid

FILE - In this Tuesday, Aug. 25, 2015 file photo, Financial information is displayed on screens and a ticker inside the London Stock Exchange in the C

FILE - In this Tuesday, Aug. 25, 2015 file photo, Financial information is displayed on screens and a ticker inside the London Stock Exchange in the C

LONDON (AP) — The London Stock Exchange is rejecting an unsolicited takeover bid from its Hong Kong counterpart, citing "fundamental concerns" about the offer.

The London Stock Exchange said Friday that it sees "no merit" in going forward with the offer because of the concerns.

Hong Kong Exchanges and Clearing had made an unexpected offer on Wednesday to buy the London exchange.

The deal would have valued the London Stock Exchange Group at 29.6 billion pounds ($36.6 billion).

But it was conditional on the London exchange scrapping its plan to buy financial data provider Refinitiv.

The London Stock Exchange said it was turning down the offer because it lacked "strategic merit" and because it "falls substantially short of an appropriate valuation."