Nasdaq, the New York exchange, last night announced negligible fresh acceptances for its hostile £2.9 billion offer for the London Stock Exchange and extended the offer for another fortnight.

The announcement came after the close of trade and a day of wild gyrations in the LSE’s share price. Bob Greifeld, the Nasdaq chief executive, had earlier said that there would be no higher offer.

This sent LSE shares into a tailspin, and they briefly fell to £12.55, just 12p above Nasdaq’s £12.43 offer. But news of further buying on Thursday by Samuel Heyman, the US investor who is the LSE’s second-biggest shareholder, set them rising again, and they ended 12p higher at £12.95.

Mr Heyman, who now has 10.44 per cent of the exchange, has positioned himself to benefit from an eventual higher offer once the current bid lapses.

Nasdaq has extended its offer until February 10, the last day permitted under the Takeover Panel timetable.

If acceptances from more than 50 per cent of LSE shares, including the 28.75 per cent owned by Nasdaq, are not received by then, the offer will lapse. If the share price remains at its current level, this is seen as inevitable.

On the other hand, further significant weakness might tempt sufficient numbers of investors to take the £12.43 on offer to bring acceptances above the 50 per cent level. By the close, Nasdaq said it had received acceptances representing 29.37 per cent.

If the offer lapses, Mr Heyman is expected to put pressure on the LSE to do a deal for a higher price with Nasdaq or any other bidder. The LSE has indicated it has spoken to a number of parties about strategy.

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