The quoted price of London Stock Exchange shares stood at 1232p ($21.44) on April 13, 2006 at 17.00 hrs GMT.

The quoted price of London Stock Exchange shares stood at 1191p ($20.73) on April 12, 2006 at 14.00 hrs GMT.

Bid fever is back at the London Stock Exchange after Nasdaq made an audacious purchase of the entire holding of Threadneedle Asset Management. It also bought a further 2.7 million shares to take its stake to 14.99 percent, the highest it can go for a week or two.

Speculation on the meaning of the thrust revolves around two possible endgames. The first is that it would represent a good launchpad for a full bid later. The second is that it’s a hedge bet against an offer from the New York Stock Exchange, which CEO Robert Greifeld fears could reduce Nasdaq to ashes in an newly competitive market.

Whatever the reason, a spokesman said it was “an important strategic purchase”. The price paid to Threadneedle by Nasdaq was 1175p, well above the 1039p close.

Under the rules, the American exchange can go to 29.9 percent within two weeks without setting off a full bid. Nasdaq’s withdrawal of its recent £2.4bn ($4.2bn) bid bars it from making another for six months. Unless, of course, the LSE board agrees.

A move by another predator could also bring Greifeld back into the market, as could an aggressive counter-bid by the LSE on another exchange.

The quoted price of London Stock Exchange shares stood at 1048p ($18.24) on April 11, 2006 at 14.00 hrs GMT.