Shares of the London Stock Exchange went up drastically today after Canadians revealed information about their plan to let out its £4.2 billion merger with TMX (owner and operator of Toronto Stock Exchange). According to traders, if the Canadian pension funds and banks planned a bit for TMX to succeed, then the LSE (London Stock Exchange) could become a major target for the world of international exchanges.
Chief Executive of LSE, Xavier Rolet, said today that we would continue to be committed to the potential merger with TMX, but only on the terms that were originally stated. However, now analysts are giving three more possible scenarios: that the offer LSE has presented will succeed, that the offer they gave will be beaten and will only become a bid target, or that LSE will have to raise its offer to win a bid battle against another institution.
A group of banks in Canada, known as the Maple Group, has already made a $3.7 billion approach, which tops the $3 billion already proposed by LSE. However, LSE stated that it would continue its work with TMX in order to complete the merger because the two entities had already begun the process of gaining regulatory approval based on the current deal.
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