Intercontinental Exchange Inc., which agreed to buy NYSE Euronext last month, was downgraded by Macquarie Group Ltd. as revenue growth slows and cost-cutting and integrating the two companies become a focus until 2014.
William Brodsky will step down as chief executive officer of CBOE Holdings Inc. in May, ending his 16-year tenure running the biggest operator of U.S. options markets. He will become executive chairman of the board.
A takeover of Toronto Stock Exchange owner TMX Group Inc. by a group of Canadian banks and pension funds is “significantly” more likely to succeed after TMX’s board endorsed the C$3.73 billion ($3.73 billion) offer, analysts said.
TMX Group Inc. fell the most since August after Canada’s competition watchdog said it has “serious concerns” about the proposed C$3.73 billion ($3.67 billion) takeover of the Toronto Stock Exchange owner.
London Stock Exchange Group Plc and the Canadian banks and pension funds battling for control of TMX Group Inc. need to sweeten their bids because the competing cash and stock offers are too similar, investors said.
Not even the prospect of reaping a 198 percent annualized return in one month can dissuade traders from betting that the $3.73 billion takeover of TMX Group Inc. is more likely to unravel than any other deal in North America.