TMX Group Inc (X.TO) will file applications within the next few weeks with Canadian provincial securities regulators seeking approval of a takeover bid from London Stock Exchange (LSE.L), TMX Chief Executive Tom Kloet said on Tuesday. As well as from securities regulators, the head of Canada's largest exchange operator is optimistic about getting the green light from the federal government and still sees the deal wrapping up in the fourth quarter, he told Reuters on the sidelines of the Bloomberg Canada Economic Summit. Last month, the LSE and TMX, owner of the Toronto Stock Exchange and its small-cap counterpart TSX Venture Exchange, started the clock ticking on what will be a months-long federal government review of the $3 billion tie-up, which has already polarized public opinion. The LSE launched its friendly bid for the TMX, which has one of the largest concentrations of mining shares in the world, on Feb. 9. The proposed deal has met with opposition from some Canadian banks, politicians and companies.
TMX Group Inc. is an integrated, multi-asset class exchange group. Shares of X fell by 0.32% or $-0.15/share to $46.5. In the past year, the shares have traded as low as $36.93 and as high as $64.03. On average, 10313400 shares of X exchange hands on a given day and today's volume is recorded at 6309186.
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