TIMELINE-Bid approaches for the London Stock Exchange
(Reuters) - Nasdaq Stock Market Inc is abandoning its 31 percent stake in the London Stock Exchange five months after its takeover bid failed and as both pursue separate acquisition strategies in the consolidating sector.
Following is a chronology of key events leading up to the latest bid for Europe's biggest share market:
2004:
December 13 - Deutsche Boerse offers 530 pence a share for LSE, valuing it at 1.3 billion pounds. The offer is rejected but the LSE leaves the door open to a possible bid.
December 20 - Euronext says it is also interested, adding that any bid would be all cash.
2005:
February 9 - Euronext pledges to make twice as many cost savings as Deutsche Boerse but still does not give an indicative price for any bid.
March 6 - Deutsche Boerse withdraws its proposed offer after it fails to win a recommendation from LSE management.
March 14 - Deutsche Boerse asks the UK and German competition watchdogs to continue examining its takeover plan so it can revive the bid if Euronext makes a firm offer.
May 9 - Deutsche Boerse Chief Executive Werner Seifert steps down after a clash with investors over his handling of the LSE bid.
November 1 - The UK competition body gives Euronext and Deutsche Boerse the green light to bid if they limit their control of clearing house activities.
December 8 - Macquarie, Australia's largest investment bank says it could offer 580 pence a share for the LSE, which the latter describes as "derisory".
December 15 - Macquarie makes a formal cash offer at 580p a share, valuing the LSE at 1.5 billion pounds.
December 16 - LSE's two biggest shareholders, Threadneedle Asset Management and Scottish Widows, reject Macquarie's offer, saying it undervalues the bourse.
2006:
February 17 - The LSE says it will double its cash return and unveils a share buyback as it posts its defence document.
February 28 - Macquarie confirms it has dropped its offer.
March 10 - LSE rejects a $4.2 billion, 950 pence per share cash offer from Nasdaq as too low.
May 10 - Nasdaq says it has twice raised its stake in Europe's biggest share market to 24.1 percent. Days later it says it has raised its stake further to 25.1 percent.
November 20 - Nasdaq launches a 2.7 billion pound, 1,243p per share offer for the LSE, which turns it down.
December 12 - Nasdaq, which now owns 28.75 percent of the LSE, launches a hostile bid, appealing directly to its target's investors. Nasdaq says it is seeking acceptances from LSE shareholders by January 11.
2007:
February 10 - Nasdaq suffers a defeat in its bid for the LSE, winning just 0.41 percent of acceptances.
August 20 - Nasdaq abandons its 31 percent stake in LSE.
