Directors of the London Stock Exchange are meeting this week to discuss their strategic options following last week’s bid by Nasdaq. They will look at the alternatives of a nil-premium merger with Euronext and an outright sale to the highest cash bidder. On Friday, the LSE’s shares closed at £11.70, more than 20pc above the Nasdaq offer.

A merger with Euronext would bring the LIFFE (London International Financial Futures Exchange) derivatives platform, bought by Euronext in 2001, back in line with the London equity market.

The Telegraph comments: “Clara Furse, LSE chief executive, is still interested in the possibility of a nil-premium merger with Euronext. But shareholders would need a cash sweetener to back such a plan, which would also need a compelling strategic basis to deliver enough future value against Nasdaq’s latest cash-in-hand offer worth £2.4bn.”

However, Euronext is otherwise engaged now as it’s also holding talks with Deutsche Borse. A spokesman for the German exchange said: “We have been quite clear we consider Euronext the most attractive of all the relevant consolidation options available to us.”

Meanwhile, John Thain, CEO of the New York Stock Exchange has already said he has been looking at all three main European exchanges for a possible acquisition.

The dance goes on.