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LSE Shareholders Said to Seek More Money in Exchange Takeover

Pedestrians walk past the London Stock Exchange Group Plc's offices in Paternoster Square in London, U.K.

Some shareholders of London Stock Exchange Group Plc are telling management they’re getting shortchanged by Deutsche Boerse AG’s all-share acquisition agreement, as a rival bidder contemplates a counter offer, according to people familiar with the discussions.

Some major LSE investors have balked at terms of the deal and are questioning whether it could be derailed by antitrust concerns, according to people familiar with the discussions who asked not to be named because the talks are private. Exchange executives have described the deal as a merger of equals, with no premium for either party. Intercontinental Exchange Inc. is considering making a higher offer which could include cash.

Shares of LSE are...