Tags: CN | Canada | TMX | LSE | Merger

Toronto Stock Exchange Kills Merger With London Stock Exchange

Wednesday, 29 Jun 2011 01:37 PM

 

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The group that operates the Toronto Stock Exchange has killed a proposed $3.8 billion merger with the London Stock Exchange Group.

TMX Group says the deal as of Wednesday does not appear to have the required two-thirds shareholder support to go through.

TMX and LSE shareholders have been scheduled to hold a vote Thursday morning on the merger deal.

Tom Kloet, the CEO of TMX Group, says it will now review a rival hostile takeover bid by Maple Group Acquisition Corp., made up of 13 Canadian banks and pension funds.

TMX says it will pay a $10.3 million termination fee to the LSE, and a further $29.8 million if the acquisition with Maple goes through.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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