The London Stock Exchange has rejected a £1.5bn (€2.2bn) formal bid from Macquarie Bank, the Australian investment group, calling the 580p-per-share offer "wholly inadequate". Its second largest shareholder also rejected the bid, and users claimed they still had "major outstanding questions" over it.

The LSE said in a statement: "The Board of London Stock Exchange has noted the confirmed offer from Macquarie of 580p per share and has unanimously rejected this derisory offer which fundamentally undervalues the company given its unique franchise, attractive long-term growth prospects and pivotal position in global capital markets."