Proposed merger fails to obtain sufficient support from shareholders
TMX and the London Stock Exchange (LSE) have put an end to their merger bid after it became clear the deal would not obtain the support of two-thirds of TMX shareholders, which was required to complete the transaction. TMX will now turn its attention to alternative bids from the company, including one by Maple Group Acquisition Corp., a collection of Canadian financial institutions and pension funds. Maple’s bid was recently given a boost when Quebec premier Jean Charest came out in support of it. TMX Group chief executive officer Tom Kloet said the company said the company could also opt to continue as a stand-alone business.