One day before a key vote by TMX Group shareholders on a controversial takeover proposal by the London Stock Exchange, both companies abruptly ended the 3.6-billion dollars deal, saying that there weren't enough votes to clear the two-thirds required. About 70% of the shareholders' votes were cast by proxy prior to the scheduled meeting on June 30, and only 54% of those were in favour of the takeover, according to media reports. In the tense lead-up to the vote, more financial industry heavyweights were publicly choosing sides. Investment veteran and corporate governance advocate Stephen Jarislowsky came out in support of Maple Group's rival, 3.8-billion dollars hostile, cash-and-shares offer, saying the LSE is in decline and that a merger could weaken Canada's financial community and encourage "an exodus of our financial institutions and our brightest financial talents."
展开▼
