Allen & Overy (A&O) is the latest firm to win a role on Nasdaq's £2.7bn bid for the London Stock Exchange (LSE) after being called in to beef up the US exchange's adviser roster.

The magic circle firm is the regular adviser to Nasdaq in the UK but had been previously ruled out of earlier involvement because of a conflict with another client aiming to bid for the LSE. Corporate partners Alan Paul and Ian Lopez are leading the A&O team.

The instruction on one of the most closely-watched bids of the year will be regarded as a coup for A&O. However, the future of the bid remains unclear, with the LSE rejecting Nasdaq's offer outright on Monday (20 November).