London Stock Exchange (LSE.L) is "reviewing the situation" as it weighs whether a sweetner is needed to persuade TMX Group (X.TO) shareholders to vote in favor of its $3.5 billion offer for the Toronto Stock Exchange operator, a newspaper said on Friday. When asked by Canada's Globe and Mail about shareholder calls for a higher price, LSE Chief Executive Xavier Rolet said LSE is "reviewing the situation" and that he was not ruling out any course of action. Holders of two-thirds of TMX shares must vote in favor of the LSE's friendly offer on June 30 for the deal to proceed. Maple Group, a consortium of 13 Canadian financial institutions that has proposed a rival $3.8 billion offer, has actively campaigned against the LSE plan. Representatives from both sides are crisscrossing North America to meet with TMX shareholders and pitch their ideas. In the interview, which the paper said took place on Thursday, Rolet said he believes LSE is in a "good position in terms of the vote" and that he has heard positive feedback from TMX investors.
TMX Group Inc. is an integrated, multi-asset class exchange group. Shares of X remained unchanged at $41.66. In the past year, the shares have traded as low as $36.93 and as high as $64.03. On average, 9110930 shares of X exchange hands on a given day and today's volume is recorded at 3270.
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