A consortium of pension funds and Canadian banks increased their offer on the operator of Toronto Stock Exchange. Initially, the offer was $3.74 billion and the new offer stands at $3.83 billion. This was just a few hours after the London Stock Exchange made the deal sweeter by creating a deal with special dividends.

The operator of Toronto Stock Exchange, TMX Group also said that they will sweeten their previous deal by offering $680 million as special dividends to shareholders. The special dividend would be paid on condition that the shareholders approve the merger with London. The Canadian shareholders will C$4 for every share while the London shareholders will receive 84.1 pence for each share they hold. This merger will benefit shareholders a lot.