TSX Group acquires Montreal Exchange in share, cash deal |
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Mon, 10 Dec 2007 14:04
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BOSTON (Thomson Financial) - TSX Group Inc., operator of the Toronto Stock Exchange, and Montréal Exchange Inc. Monday said they have agreed to combine their organizations to create TMX Group Inc.Under the terms of the agreement, TSX Group will indirectly acquire all of Montréal Exchange's outstanding common shares for total consideration of 15.3 million TSX Group common shares and 428 million Canadian dollars in cash.Montréal Exchange shareholders will receives 0.7784 of a common share of TSX Group, or 39 Canadian dollars in cash, for each common share of Montréal Exchange.After the effect of full proration, each Montréal Exchange shareholder will be entitled to receive 0.5 of a common share of TSX Group and $13.95 in cash.BMO Capital Markets and Desjardins Securities acted as financial advisors to TSX Group, while Citigroup Global Markets and National Bank Financial acted as financial advisors to Montréal Exchange.The companies said the merger is expected to close in the first quarter of 2008.TSX Group operates Canada's two national stock exchanges, Toronto Stock Exchange and TSX Venture Exchange.Montréal Exchange is the Canadian derivatives exchange.Casey Logancl/pcCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Montreal, Toronto stock exchanges agree to merge - report 