TSX LSE merger fails

[GostHacked]

http://www.cbc.ca/news/business/story/2011/06/29/tsx-lse-takeover.html

The LSE and TMX have cancelled their plan to merge, saying they do not have enough support from TMX shareholders to complete the deal.

TMX shareholders were poised to vote Thursday morning in Toronto on the deal that would have seen the two companies join forces.

But after tabulating proxy votes sent in prior to a 5 p.m. Tuesday deadline, it became clear the deal only had the support of a majority of shareholders — not the two-thirds requirement needed, TMX said Wednesday.

Well this is good news!!! I guess many looked at the situation in the EU with the recent bailouts, (Ireland, Greece ect)

[Oleg Bach]

http://www.cbc.ca/news/business/story/2011/06/29/tsx-lse-takeover.html

Well this is good news!!! I guess many looked at the situation in the EU with the recent bailouts, (Ireland, Greece ect)

It's like when our banks considered merging into one monster - they did not...because to chop the head off of one dragon no matter how large is still easier than taking down 5 smaller dragons..besides they are quielty merged already - Just not in name. As for joining up with the LSE....There are admiring people in the trade who look upon London as home base and the big controling daddy when it comes to Canadian money. That is now a dated mindset. It appears that our TSX figured out that they are now grown ups and do not need to suck up to London...besides - England no longer exists in the form it was back in 1965 - It is now like a farmed domestic salmon...prone to disease and infection because of the pen called EU that it now resides in.

Classic protectionism might not be good for the economy - but if someone has a disease - you don't visit or join the family for dinner.

[CPCFTW]

It appears that our TSX figured out that they are now grown ups and do not need to suck up to London...besides - England no longer exists in the form it was back in 1965 - It is now like a farmed domestic salmon...prone to disease and infection because of the pen called EU that it now resides in.

Classic protectionism might not be good for the economy - but if someone has a disease - you don't visit or join the family for dinner.

What are you talking about? The TSX board wanted this deal. It was the rest of the Canadian financial industry (and apparently TMX Group shareholders) who were against it.

I think most people (myself included) are happy about the deal falling through.

Edited June 29, 2011 by CPCFTW

[Oleg Bach]

What are you talking about? The TSX board wanted this deal. It was the rest of the Canadian financial industry (and apparently TMX Group shareholders) who were against it.

I think most people (myself included) are happy about the deal falling through.

The common person running the TSE might have wanted the deal. Most just like in governement are not in the real loop. The old trusted banking lawyers pondered over it and said no. The more experienced people look through the eyes of wisdom and experence and apparently came to the conclution that in the LONG run...it was better not to leap. THAT my friend is called good judgement.. The average broker and managers at the TSX are young and overly ambitous...not to mention that greed played a part in the wanting of the merger - the older big dogs...no better - They are not motivatated by money but by the idea of sustainablity.

[Moonlight Graham]

Thank the stars!

[M.Dancer]

(and apparently TMX Group shareholders) who were against it.

The majority of the shareholders voted for the deal, but short of the 2/3rds they needed.

[GostHacked]

The majority of the shareholders voted for the deal, but short of the 2/3rds they needed.

I'd say that's a good thing as well. I'd say for very important things, like this would demand 2/3 yes vote.

[Oleg Bach]

Thank the stars!

Canada is run like an old British private estate - we have good managers who are diligent and dutiful.