OM Gruppen, the Swedish technology company that also runs the Swedish stock and derivatives exchange, has launched a hostile takeover bid for the London Stock Exchange.

The bid, which values the London exchange at roughly £808m (€1,320m), offers LSE shareholders 0.65 new OM shares and £7 in cash for each LSE share held. This compares with the £20 in new OM shares originally offered at the end of last week and values LSE shares at £27.19 each, a 15.7% premium on the closing price last Friday.