Hong Kong Exchanges (HKEX) says it plans to offer around £30 billion for the London Stock Exchange Group – which half-interestedly describes the proposal as “unsolicited, preliminary and highly conditional”. Even so, it could put LSEG’s initiated mega-merger with Refinitiv in limbo.

“The Board of LSEG will consider this Proposal and will make a further announcement in due course,” the London Stock Exchange Group wrote in a brief statement Wednesday.

“LSEG remains committed to and continues to make good progress on its proposed acquisition of Refinitiv Holdings Ltd as announced on 1 August 2019. A circular is expected to be posted to LSEG shareholders in November 2019 to seek their approval of the transaction,” the British exchange added.

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23 percent premium

Earlier in the day, Hong Kong Exchanges and Clearing Limited (HKEX) had proposed its complete purchase of LSEG in a preliminary ”possible offer”, to be paid mostly in newly issued HKEX shares but also with a part in cash.

The proposal cited that the planned deal would give current stockholders a 23 percent premium over the closing price the day before. The price would place a 30-times multiple on LSEG’s 2018 EBITDA.

The proposed deal puts into question what would happen with the prepared merger between LSEG and Refinitiv – also one in the billions.

Historically, owners of LSE have turned down takeover offers including one worth £1.2 billion by Sweden’s OM Group in 2000, and one by Germany’s Deutsche Börse at £1.35 billion in 2004.