June 17, 2011 / 12:27 PM / in 7 years

LSE is "reviewing situation" on TMX bid - report

TORONTO, June 17 (Reuters) - 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.

    “It’s still very, very early for proxy returns but in private meetings, a lot of institutions are really starting to understand the full set of issues,” he said, according to the report.

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