LONDON (Bloomberg): London Stock Exchange Group Plc has rejected a takeover proposal from Asian rival Hong Kong Exchanges & Clearing Ltd, saying the bid has "fundamental flaws.”

The board of the 300-year old British bourse, which is working on its own deal to buy data provider Refinitiv, said HKEX’s approach on Wednesday had problems in its "strategy, deliverability, form of consideration and value.”

"Your assertion that implementation of a transaction would be ‘swift and certain’ is simply not credible,” the firm said in a statement Friday.

"Given the fundamental flaws in your proposal, we see no merit in further engagement.”

HKEX has said its takeover would only happen if the LSE ended its deal with Refinitiv -- and that it could go hostile if the business resisted its plans to build an Anglo-Asian markets giant.