THE war of words between the London Stock Exchange and the predatory Swedish group attempting a hostile takeover of it rumbled on yesterday.

Sweden's OM Gruppen, whose £755m swoop has met determined resistance, has accused the LSE's board of having "no strategy and no vision".

Per E Larsson, president and chief executive officer of OM, was responding to the LSE's reiteration of its defence against its unwanted suitor, which branded OM's bid as offering "wholly inadequate value".

Mr Larsson said: "LSE's latest document simply confirms that it has no strategy and no vision.

"LSE's shareholders rightly want to know what LSE is proposing as an alternative to the very clear blueprint that OM has sent out, yet the hard reality is that the LSE is simply drifting.

"OM's offer by contrast is firm, substantial and valuable."

On Thursday, the LSE said OM's bid offered "inadequate value" to its shareholders and "no proven benefit to customers".

It added OM's technology offered "no proven benefits", its shares were of "uncertain value" and its ownership, control and governance "raise numerous questions".

At Thursday's closing price, OM's cash and share offer was worth £755m, against the £808m value when it was announced in August. The fall in value is because of a drop in OM's share price.

Only one per cent of LSE shareholders have so far backed the OM bid.