Intercontinental Exchange, Inc. (ICE), has decided not to pursue the acquisition of the London Stock Exchange plc (LSE), the Atlanta-based exchange operator announced on Wednesday.
“Following due diligence on the information made available, ICE determined that there was insufficient engagement to confirm the potential market and shareholder benefits of a strategic combination,” ICE says in its announcement.
ICE had been considering whether to make an offer for the LSE in the wake of the London, U.K. firm’s announced tie up with Deutsche Boerse AG. ICE announced on March 1 that it was contemplating a competing bid.
Under the U.K. takeover rules, ICE reserves the right to make an offer for the LSE in the next six months, if the LSE-Deutsche deal falls apart, or a competing bid emerges.