The group that operates the Toronto Stock Exchange has killed a proposed $3.8 billion merger with the London Stock Exchange Group.
TMX Group says the deal as of Wednesday does not appear to have the required two-thirds shareholder support to go through.
TMX and LSE shareholders have been scheduled to hold a vote Thursday morning on the merger deal.
Tom Kloet, the CEO of TMX Group, says it will now review a rival hostile takeover bid by Maple Group Acquisition Corp., made up of 13 Canadian banks and pension funds.
TMX says it will pay a $10.3 million termination fee to the LSE, and a further $29.8 million if the acquisition with Maple goes through.
© Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.