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The High Court has ruled that an objective standard of reasonableness test should be applied to determine whether consent has been withheld in a ‘commercially reasonable manner’ by one party to a finance transaction.

On 9 February 2011, TMX Group Inc., the operator of the Toronto Stock Exchange and the Toronto Venture Exchange, and London Stock Exchange Group plc announced that they had agreed a £4.3 billion all-share merger of equals to combine Europe’s and Canada’s leading diversified exchange groups.