London Says Canada Won't Decide on TMX Merger Before Investor Vote, According to Report
David Lester, a London Stock Exchange Group Plc ( LSE ) executive who met with Canadian government officials yesterday, said he doesn't expect Industry Minister Christian Paradis to endorse or reject his company's deal to buy TMX Group Inc. (X.TO) until after shareholders vote on June 30, Bloomberg reported.
LSE, based in London, agreed to buy Toronto-based TMX in February in a deal now valued at $3.36 billion. On May 20, the Toronto Stock Exchange owner rejected an unsolicited offer from Maple Group Acquisition Corp., a consortium made up of nine Canadian pension funds and banks - including CIBC (CM.TO), Scotiabank (BNS.TO), National Bank (NA.TO) and TD Bank (TD.TO) - that stressed the need to keep ownership of TMX in Canada.
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