Transportation, Retail and Markets Correspondent, Canada
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Jun 6, 2011

TMX shareholders seek more substance, less spin

TORONTO, June 6 (Reuters) – A shareholder vote on the
London Stock Exchange’s $3.5 billion takeover bid for Canada’s
TMX Group (X.TO: Quote, Profile, Research) is less than a month away, but investor Chris
Damas still can’t make up his mind. He’s not alone.

Shareholders in the company that operates the Toronto Stock
Exchange have yet to rally around either the LSE’s (LSE.L: Quote, Profile, Research)
friendly bid or a hostile $3.7 billion offer from Maple Group
Acquisition Corp, a consortium of Canadian banks and pension
funds.

Jun 3, 2011

TMX shareholder vote a big hurdle to LSE -TD Bank

NEW YORK/TORONTO (Reuters) – TMX Group Inc (X.TO: Quote, Profile, Research) faces a giant hurdle to win over shareholders ahead of a vote on London Stock Exchange’s (LSE.L: Quote, Profile, Research) $3 billion (1 billion pounds) bid for Canada’s market operator, the head of Toronto Dominion Bank (TD.TO: Quote, Profile, Research) said on Friday.

TD Chief Executive Ed Clark, who is part of the so-called Maple Group consortium of nine Canadian banks and pension funds that is pitching a rival bid to shareholders, said it was unfortunate that TMX and LSE had set a June 30 vote date for shareholders — well before federal and provincial regulators are likely to rule on the deal.

May 26, 2011

No sure bets in race for Canada’s TMX

TORONTO/LONDON, May 26 (Reuters) – There’s no clear winner
between the two bids for Toronto’s main exchange operator, as
price, a monopoly position and the possible reaction to the
loss of a national treasure play into investors’ decision.

Accepting a $3 billion friendly offer for TMX Group (X.TO: Quote, Profile, Research, Stock Buzz)
from the London Stock Exchange (LSE.L: Quote, Profile, Research, Stock Buzz) at a fast-track
shareholders meeting on June 30 would leave the final decision
in the hands of Canadian regulators who must assess if the
takeover is in the country’s best interests.

May 17, 2011

New TMX takeover proposal eyes foreign expansion

TORONTO (Reuters) – A proposal by a group of Canadian banks and pension funds to take over the operator of the Toronto Stock Exchange offers cost savings and opportunities for international growth, the group said on Monday.

A consortium calling itself the Maple Group Acquisition Corp is proposing a C$3.6 billion ($3.7 billion) deal to buy TMX Group, aiming to derail a $3 billion friendly bid for the exchange operator by the London Stock Exchange.

May 16, 2011

Alpha says Maple’s impact on competition uncertain

TORONTO (Reuters) – Alpha Group, an alternative trading system at the center of a takeover proposal for the operator of the Toronto Stock Exchange, said on Monday it was too soon to say if such a deal would trigger competition issues.

Alpha, which has taken nearly 20 percent of the market for Canadian stock trading since it opened in 2007, is owned by many of the same Canadian banks and pension funds that would buy the TMX Group under a proposal put forward by Maple Group Acquisition Corp.

May 13, 2011

LSE, TMX Group results top forecasts, shares rise

LONDON/TORONTO (Reuters) – The London Stock Exchange and Canada’s TMX Group reported forecast-beating results on Friday as they applied for regulatory approval of their $3 billion deal to join forces.

Shares of the exchanges, both pressured by competition from alternative trading upstarts, rose after the results.

May 13, 2011

LSE, TMX Group results top forecasts

LONDON/TORONTO (Reuters) – The London Stock Exchange and Canada’s TMX Group reported forecast-beating results on Friday as they applied for regulatory approval of their $3 billion (1.9 billion pound) deal to join forces.

Shares of the exchanges, both pressured by competition from alternative trading upstarts, rose after the results.

May 13, 2011

TMX results top forecasts ahead of LSE deal reviews

TORONTO (Reuters) – TMX Group, the operator of the Toronto Stock Exchange, delivered forecast-beating quarterly results on Friday as it prepares for regulatory reviews of its $3 billion plan to join forces with the London Stock Exchange.

Revenue for TMX, which also operates the TSX Venture Exchange for small-capitalization companies and the Montreal Exchange derivatives market, rose 17 percent in the first quarter, thanks to record trading volume and robust equity financing activity.

May 13, 2011

LSE and TMX flex muscles on merger filing

LONDON/TORONTO (Reuters) – The London Stock Exchange and Canada’s TMX Group posted strong financial results on Friday as they filed their $3 billion merger deal with the Canadian authorities.

The exchanges said on Friday they had formally applied to have their merger approved by securities authorities in Ontario, Quebec, Alberta and British Columbia, all of which must pass the merger.

May 13, 2011

TMX files with regulators on LSE deal

TORONTO (Reuters) – TMX Group (X.TO: Quote, Profile, Research), the operator of the Toronto Stock Exchange, on Friday reported a 13 percent rise in quarterly profit and said it filed applications with Canadian provincial regulators for approval of its $3 billion (1.85 billion pound) tie-up with the London Stock Exchange (LSE.L: Quote, Profile, Research).

The two exchanges filed with securities commissions in Ontario, Quebec, Alberta and British Columbia. Last month, TMX and LSE filed its application with the federal government under the Investment Canada Act.

    • About Solarina

      "I am a Canadian transportation, retail and markets correspondent. I occasionally moonlight in entertainment and lifestyle news. I was formerly a homepage editor for Reuters.com, and an online news editor for Reuters.com, .co.uk and .ca. Life before Reuters included working in China and freelancing in California."
      Joined Reuters:
      2003
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