Clara Furse, LSE Chief Executive.

With the London Stock Exchange defence document due out today, promising investors cash returns of up to £500 million ($785m), analysts are voicing doubts over Nasdaq’s debt-strewn hostile bid.

WestLB’s Johannes Thormann has adversely changed his target price for the LSE after a reported conference call with the Nasdaq management. He remains sceptical that the New York exchange will get the necessary support.

Nasdaq looks likely to extend its offer to February 10 after only securing less than 1pc of LSE shares to date.