Macquarie, the Australian investment bank, today outlined details of its £1.5bn ($2.2bn) hostile bid for the London Stock Exchange. The LSE said the offer, comprised of more than 86% debt, was "a blatant attempt to acquire the exchange on the cheap".

Macquarie's prospectus said the 580p per share offer will be funded through £1.32bn of debt, including a senior debt facility of £1.079bn and a £239m junior debt facility, both provided by Dresdner Kleinwort Wasserstein.