The Singapore Exchange (SGXL.SI) should not raise its already generous offer to buy Australian bourse operator ASX (ASX.AX) because that would bring unnaceptable dilution for its shareholders, said the chief executive of the Tokyo Stock Exchange, which owns a 5 percent stake in the Singapore bourse. "The offer now looks big, and we can't be happy with the dilution if it is raised further," Atsushi Saito said at a regular news briefing at the TSE. SGX faces pressure to sweeten its $7.9 billion offer for the rival Australian bourse to counter opposition to the deal from politicians and win regulatory approval, which requires an agreement to lift a 15 percent cap on foreign ownership.
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