Deutsche Börse, the German exchange group which is under intense pressure from activist shareholders to increase value to shareholders after a 53% slump in its stock price this year, this afternoon rejected calls to split up the exchange.

The Frankfurt-based exchange held a special supervisory board meeting this afternoon to discuss its response to a statement by hedge funds The Children’s Investment Fund Management and Atticus Capital on Tuesday that they were working in concert to explore options for creating additional shareholder value. They hold about 19% of Börse stock between them.