Banks opposed to the planned combination of TMX Group Inc and London Stock Exchange Group PLC are looking for ways to thwart the deal, and are seeking the backing of Canada’s biggest pension funds. Talks among large Canadian financial institutions searching for an alternative to the merger of the Toronto and London stock market operators have been going on for weeks. Options under consideration include a potential counterbid for TMX, which is valued at almost $3-billion.
See http://www.theglobeandmail.com/globe-investor/tmx-deal/banks-seek-ways-to-block-tmx-deal/article2010432/.
For background, see https://londonminingnetwork.org/2011/02/london-and-toronto-stock-exchanges-to-merge-to-create-top-world-market-for-mining/,  https://londonminingnetwork.org/2011/02/stock-exchange-merger-could-lead-to-race-to-the-bottom/ and https://londonminingnetwork.org/2011/02/decision-on-tmx-lse-merger-review-is-imminent/.