Nasdaq Digs In on LSE

Updated from 2:43 p.m. EST

The Nasdaq Stock Market(NDAQ - Cramer's Take - Stockpickr) is sticking with its 'take or leave it' offer for the London Stock Exchange.

The Nasdaq is extending the deadline for London shareholders to accept its $5.3 billion bid to Feb. 10. But the Nasdaq is sticking firm and refusing to sweeten the pot by increasing its 1,243 pence per share offer.

The Nasdaq, early Friday, shut the door to any possible increase in its bid by saying, "there is now insufficient time to effect any revision to its final offers via constructive dialogue with LSE." In other words, as the LSE said in a press release earlier in the week, it's now "put up, or shut up time'' for London shareholders.

So in two weeks time, Wall Street will finally know how the ending to this increasingly bizarre and hostile soap opera, which has dragged on for nearly 10 months. Meanwhile, the Nasdaq's arch-rival, the New York Stock Exchange, which continues to wheel-and-deal and could be nearing some partnership with the Tokyo Stock Exchange.

Up until now, many LSE shareholders had been holding out hope that the Nasdaq would show a willingness to better its price, or another suitor would emerge to force the Nasdaq's hand. That may be why the Nasdaq has made so little progress in getting London stockholders to vote its shares in favor of the merger.