The London Stock Exchange (LSE) board unanimously rejected a $5.1 billion buyout bid by the Nasdaq (NADQ) exchange on Monday.

The cash offer was valued at 12.43 pounds ($23.56) per share, representing a 2 percent premium on LSE’s Friday closing share price. In a statement, the Board also denied a request by Nasdaq’s management for a meeting between the two parties.

“We believe Nasdaq’s final offer fails to recognise the outstanding growth record and prospects of our group on a standalone basis let alone the Exchange’s unique global position,” said Clara Furse, Chief Executive of the London Stock Exchange.

An offer by Nasdaq earlier in the year to acquire the exchange had been rejected, although the firm did succeed in securing a 25.1 percent stake in LSE during the takeover period. Since making the announcement, the New York-based exchange managed to acquire a further 3.65 percent stake in the company.

“The combined entity will be well positioned to lead further consolidation and compete effectively with any transatlantic or European combination,” stated the Nasdaq in a press statement.

A merged Nasdaq and LSE would create a cash equities market with a value of $11.8 billion and 6,400 traded companies. Nasdaq sees the merged companies as having a ‘strategic fit’ since both exchanges are fully electronic.

Nasdaq’s shares were up 17 cents or 0.47 percent to $36.74 in morning trading.