TMX Group (X.TO), Canada's leading stock exchange operator, held talks with a third party for nearly a year before they were derailed by regulatory and valuation concerns, and before more fruitful talks ramped up with London Stock Exchange Group (LSE.L). According to a management information circular on Wednesday, which urges shareholders to approve LSE's takeover proposal, TMX Group said it held on-again-off-again talks with a third-party from February through November 2010. Talks were formally terminated on Jan. 25, 2011. "TMX Group and the third party were not in agreement with respect to proposed undertakings regarding net benefits to Canada," the parent of the Toronto Stock Exchange said in a 731-page circular to be mailed to shareholders. Canada's Globe and Mail newspaper said on its website on Wednesday that the third party was Nasdaq OMX Group (NDAQ.O), citing a source familiar with the situation.
TMX Group Inc. is an integrated, multi-asset class exchange group. Shares of X fell by 4.66% or $-2.15/share to $43.96. In the past year, the shares have traded as low as $36.93 and as high as $64.03. On average, 9493090 shares of X exchange hands on a given day and today's volume is recorded at 8070655.
The NASDAQ OMX Group, Inc. is a global exchange group that delivers trading, exchange technology, securities listing, and public company services across six continents. Shares of NDAQ fell by 4.08% or $-1.04/share to $24.48. In the past year, the shares have traded as low as $17.18 and as high as $29.71. On average, 2635070 shares of NDAQ exchange hands on a given day and today's volume is recorded at 1773786.
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