updated 1/26/2007 10:57:26 AM ET 2007-01-26T15:57:26

The Nasdaq Stock Market Inc. said Friday that it would not raise its offer to take over the London Stock Exchange ahead of the deadline this weekend.

In an announcement to the London Exchange, Nasdaq said there wasn't enough time left to make any agreement with the LSE board to sweeten the 12.43 pounds ($24.02) per share offer.

The announcement came just ahead of the deadline for LSE shareholders to accept the offer, which values the exchange at 2.7 billion pounds ($5.3 billion).

"In Nasdaq's view, there is now insufficient time to effect any revision of the final offers via constructive dialogue with LSE and an LSE Board recommendation by the deadline of midnight (London time) on Saturday 27 January 2007," the New York-based market said. "Accordingly, Nasdaq announces that the final offers can no longer be revised upon the recommendation of the LSE board."

Copyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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