TSX receives topping bid two days early

TSX / LSE Merger Part 20

As the saying goes, I love it when a plan comes together.

When I wrote that the bid would come “early next week”, I didn’t think it would be quite this fast. But, indeed, as you read here yesterday, the TD Bank-led bidding consortia is offering a topping bid for the Toronto Stock Exchange (see prior post “If a TSX topping bid is coming, it’s time” May 13-11). I’d been told Monday was launch day, but obviously it had to be hurried once the blogosphere got a hold of the pending news. Five hours of share trading with that rumour on a backwater blog is all the public markets can/should stomach (see prior post “TSX trading in anticipation?” May 13-11). As always, it was a pleasure serving our loyal readers.

As for the proposal itself, Hallelujah. This is a great move for Canada, and a smart business deal as well.

MRM
(disclosure – we own bank shares in our household)