The London Stock Exchange (LSE) logo sits in front of FTSE 100 Index share price information in the atrium of the London Stock Exchange Group Plc's offices in London, UK, on May 29, 2019. (LUKE MACGREGOR / BLOOMBERG)

Hong Kong Exchanges and Clearing Ltd will raise its 29.6 billion-pound (US$36.5 billion) takeover bid for the London Stock Exchange Group next week after receiving conditional support from some key shareholders, The Times reported.

The initial offer valued LSE at 83.61 pounds per share and several stakeholders have told the Hong Kong exchange that it would need to be raised to between 90 and 100 pounds for it to be taken seriously, the paper reported

The initial offer valued LSE at 83.61 pounds per share and several stakeholders have told the Hong Kong exchange that it would need to be raised to between 90 and 100 pounds for it to be taken seriously, the paper reported. HKEx is also prepared to meet investors’ demands to increase the cash portion of the offer, the newspaper said.

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The Hong Kong exchange will likely make the offer next week, before the LSE can complete its US$27 billion deal for data provider Refinitiv. The HKEx has demanded LSE walk away from the Refinitiv deal. Under UK takeover rules, HKEx also must submit a formal offer by Oct 9, unless LSE grants an extension.

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LSE earlier this month rejected HKEx’s initial takeover proposal, citing complications ranging from \unrest in Hong Kong to potential problems with regulators. HKEx countered with a charm offensive, bringing in UBS Group AG and HSBC Holdings Plc to convince shareholders of the merits of its own proposal, Bloomberg News reported.