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'2 policies better than 1?' From our Resident IFA. Please click on the 'Blogs' tab, above.
'The sky is falling down'. From our Resident IFA. Please click on the 'Blogs' tab, above.
2 liinks for free live trades if you want other services you can pay for a more constant stream they are both good. :-)http://www.moneyam.com/ and Advfn
Non deal making specialist LSE has seen its shares take a tumble via an island top on the 90 minute chart, a feature which could be enough to mark a lasting top. However, there is more than a hint of support coming in at the floor of a rising July price channel at 992p, something which suggests that while there is no end of day close back below the one month line there could be at least an initial rebound back to the top of this week's gap down at 1,032p over the next few sessions. So reckons Zak Mir
There is a strong sense that the London Stock Exchange is not sure where to go next after the unexpected failure of its merger with TMX, of Canada. I do not believe that the LSE will be bid for by anyone. This leaves its shares at the top end of their trading range, up 33½p at £10.30½p yesterday and on about 13 times’ this year’s earnings. Unless you believe that a bid is in prospect, taking a bit of profit looks sensible, says the Times’s Martin Waller. The Independent asks: is there any point in discussing the London Stock Exchange's financials when considering the shares? Even if yesterday's trading statement were dreadful (it wasn't) it would hardly matter – surely the only relevant issue is whether the LSE will be bid for and when? The group trades on a forward earnings multiple of 12 times, which is hardly demanding, and adds to the case for in buying once again. Buy, the newspaper says.
Berenberg initiates hold on LSE, target price 1,000p.
NM
Market Makers... Please visit the 'Blogs' section.
BarCap reiterated equal weight on London Stock Exchange, target price 1055p.
The London Stock Exchange would be open to considering a merger of equals with Nasdaq OMX, the US exchange operator, in the first sign that the British bourse could yet turn its attention to securing its future in another big merger after its attempted tie-up with Canada’s TMX Group collapsed. Nasdaq’s chief executive, Bob Greifeld, is considering an approach for the LSE but people familiar with the matter said advisers were not yet formally involved. Nor had Mr Greifeld spoken with his counterpart at the LSE, Xavier Rolet, reports the Financial Times.
The London Stock Exchange dropped its £2.44 billion takeover bid for TMX Group of Canada last night after it became clear that TMX shareholders would not back the tie-up. The collapse of the takeover, which was integral to the turnaround stategy of the LSE chief executive Xavier Rolet, leaves the London bourse humiliated and, in the medium term, vulnerable to foreign predators, according to the Times.
Increased Maple offer for TMX ups pressure on LSE Date: Thursday 23 Jun 2011 LONDON (ShareCast) - The consortium of Canadian banks bidding against London Stock Exchange (LSE) for Canada’s TMX group has upped its offer, putting more pressure on the British exchange. The patriotically-named Maple consortium, which includes Toronto-Dominion Bank and Manulife Financial, said it would pay C$3.8bn (£2.4bn), or C$50 a share, for TMX, up from a previous offer of C$48 a share. LSE’s bid is worth less than C$45. Both the LSE and Maple have agreed to pay TMX shareholders a special dividend should they succeed in taking over the company. The bidding war comes amid a period of frenetic M&A activity among global exchanges. A tie-up between LSE and TMX would need the approval of Canada’s industry minister because LSE is a foreign company.
Commenting on today's announcement Chris Gibson-Smith, Chairman of LSEG and future deputy Chairman of LTMX, stated: "This is great news for shareholders. This special dividend makes the LSEG / TMX Group merger even more compelling. Shareholders will benefit from cash upfront, plus the opportunity to participate in the ownership of an international exchange leader. Our new progressive dividend policy demonstrates our belief in the exciting growth opportunities and future for LTMX as an innovative and competitive international business." Xavier Rolet, Chief Executive Officer of LSEG and future Chief Executive Officer of LTMX, added: "Both financially robust, both with enviable balance sheets, the merger of LSEG and TMX Group will create a low leverage, highly-flexible and ambitious merged business. The special dividend and our new dividend policy reflect the strong performance of our organisations and signal our absolute commitment to delivering both growth and shareholder value."
London Stock Exchange Group plc ("LSEG") announced on 9 February 2011 an agreed all-share merger of equals with TMX Group Inc. ("TMX Group") to create an international growth-focused transatlantic exchange leader. Today, LSEG is pleased to announce, together with its merger partner TMX Group, a proposed special cash dividend (the "Special Dividend") for holders of LSEG shares and TMX Group shares and a revised progressive dividend policy for the merged business, LTMX Group plc ("LTMX"), both effective upon completion of the merger. § Special Dividend of 84.1 pence per share for LSEG shareholders § Special Dividend of C$4.00 per share for TMX Group shareholders § Progressive dividend policy for LTMX, to be based off current TMX Group dividend § Strong cash returns for both LSEG and TMX Group shareholders, while maintaining disciplined leverage § Reflects the financial strength and flexibility of LTMX § Demonstrates confidence in the substantial growth opportunities for LTMX § TMX Group has reiterated its recommendation of the LSEG / TMX Group merger and rejection of the Maple proposal
http://investegate.co.uk/Article.aspx?id=201106221800209476I
Maple launches rival cash bid for TMX Date: Monday 13 Jun 2011 LONDON (ShareCast) - The bid battle between the London Stock Exchange (LSE) and Canadian consortium Maple Group for TMX Group is heating up, after Maple launched a C$3.7bn offer for the Canadian bourses operator. Maple is offering to pay C$48 cash per share to acquire up to 70% of the shares of the Toronto and Montreal stock exchanges owner. In US dollar terms, that values TMX at $3.8bn, Maple said, compared to the LSE's share offer, which is valued at $3.4bn. TMX's board agreed back in February to recommend acceptance of the LSE's offer of 2.9963 LSE shares for every TMX share, and has steadfastly refused to engage in bid discussions with the Maple consortium, which is comprised of 13 members, including the Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada and Toronto Dominion Bank, plus numerous Canadian pension funds. Shareholders in TMX and the LSE are set to vote on the agreed merger on 20 June. Both the LSE and the Maple bids would need to be approved by the Canadian regulatory authorities. Under the terms of the Investment Canada Act, takeovers of Canadian companies by foreign parties must have a demonstrable "net benefit" to Canada. That would seem to put the Canadian consortium in the box seat when it comes to determining who will win control of TMX, while Maple was also keen to stress the benefits of its cash offer over the LSE's all-share offer, though some commentators have expressed concerns that a successful bid for TMX by Maple would leave the group highly geared.
It could be argued that the uncertainty hanging over LSE’s corporate strategy may not make the exchange operator somewhat unattractive. However, the sharp rise for the stock suggests otherwise. There is a rising trend channel on the hourly chart in place since the beginning of last month. The current technical message is that while there is no end of day close back below the one month support line / blue 50 period moving average at 962p the upside here is regarded as being 1,010p at the price channel top. So reckons Zak Mir
The London Stock Exchange faces an increasingly bitter battle to merge with its Canadian counterpart after a rival went hostile with a C$3.6bn (£2.25bn) offer. The Maple Group, made up of Canadian banks and pension funds, said it would appeal directly to shareholders of TMX, owner of the Toronto and Montreal exchanges, hours after LSE and TMX announced June 30 meetings for their investors to vote on LSE’s £1.9bn friendly bid, according to the Daily Express.
'Good intentions?' - Is your Adviser ready for 2013? To read, please click on the 'Blogs' tab, above.
The London Stock Exchange has hit back at a Canadian bank-led consortium that is trying to break up the UK bourse’s planned merger with TMX Group, operator of Canada’s exchanges, calling its offer “an underwhelming proposal”. The comments follow the rejection by TMX Group on Friday of the C$3.6bn (£2.3bn) offer for its exchange operations, tabled by the consortium, which calls itself Maple, the Financial Times reports.
The London Stock Exchange is facing a rival for its proposed £4billion merger with its Toronto counterpart. Maple Group, a collection of Canadian pension funds and banks has made a £1.8billion cash and shares proposal for the TMX Group in an attempt to keep the owner of the Toronto stock exchange in the country, reports the Daily Express.
LSE still keen on TMX merger Date: Monday 16 May 2011 LONDON (ShareCast) - London Stock Exchange says it remains committed to its proposed merger with its Canadian counterpart TMX despite learning that TMX has received an approach from Maple, a consortium of Canadian financial institutions and pension funds. “The proposal from Maple is not a formal offer for TMX and accordingly there is no certainty that such an offer will be forthcoming,” LSE said. “LSEG remains committed to its recommended merger with TMX on the terms set out in the announcements made on 9 February 2011.” LSE said the merger would offer financial, strategic and operational benefits for shareholders. “The outward-looking, highly international transatlantic group, jointly headquartered in London and Toronto, will be a global leader in capital formation, liquidity and exchange technology,” LSE said. “The all-exchange merger is expected to have a direct positive impact on Canada, the UK and Italy, enhancing the position of each country amongst the global business community and driving economic growth.” The Maple proposal may be more popular in Canada, where some are unhappy about their exchange falling into the hands of a foreign company.
Positive news regarding issuance as far as LSE is concerned will have removed a certain sinking feeling bulls of the stock may have had in the recent past. It would appear that we have a rebound off the floor of a falling price channel (well above the black 200 day moving average at 787p.) While there is no end of day close back below the bottom of today’s gap higher at 829p the upside for the stock should be towards February / March resistance well above 900p. So reckons Zak Mir
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