TORONTO (AP) — The operators of the Toronto and London stock exchanges have killed a $3.8-billion proposed merger, saying the controversial deal could not garner enough shareholder support to go ahead.
TMX Group said Wednesday that a majority of proxy votes sent in ahead of its Thursday annual meeting supported the merger but it was “clear” the proposal could not achieve the required two-thirds support from all shareholders.
TMX Group CEO Tom Kloet said the company will now review a rival hostile bid by Maple Group Acquisition Corp., a group of 13 Canadian banks and pension funds.
“Although we will not join forces with LSE Group, our business is strong and I have enormous confidence in the continued success of our company,” Kloet said in a statement.
In a statement, Xavier Rolet, the CEO of the London Stock Exchange Group, said he was “disappointed.”
“We believe the merger would have been a unique
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