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On Thursday (June 30th), shareholders of the Toronto-based exchange operator will vote on a proposed merger with the London Stock Exchange (LSE).
They can choose to back the move, or favour a rival approach from a large consortium of domestic banks and pension funds known as the Maple Group Acquisition Corp.
The LSE's bid has been interpreted as an attempt to find a transatlantic partner in light of the proposed merger between NYSE Euronext and Deutsche Borse - two of its larger rivals.
However, TMX investors have so far been slow to embrace either of the approaches.
Speaking to the Financial Times, UBS analyst Arnaud Giblat commented: "Shareholders are quite sceptical about revenue synergies in general with these exchange mergers.
"A number of the synergies announced by LSE-TMX are realisable today without the merger happening."
Posted by Clive Arneil
