Following discussions with the Takeover Panel, it has been agreed that the deadline for Macquarie to announce a firm intention to make an offer for LSE under Rule 2.5 of the Code or to announce that it does not intend to make an offer for LSE is 5.00pm on Thursday 15 December 2005.
Since Macquarie first confirmed its potential interest on August 15 2005, it has continued to review the merits of a possible formal approach being made to the LSE Board of Directors. The significant increase in speculation since that time as to the future of the LSE, and its impact on LSE's share price, has made any assessment of the fundamental value of the LSE increasingly challenging.
Macquarie maintains its interest in a possible consortium offer for the LSE and believes that it has a clear track record of successful long-term ownership and development of infrastructure and regulated businesses. At any particular time, however, Macquarie reviews a broad range of potential investments. In doing so, Macquarie takes a disciplined approach to valuation and will only invest in businesses where value exists for its investors and other stakeholders concerned. As a result, there can be no assurance that any offer will be made for the LSE and a further announcement will only be made as appropriate.
