Today, in a forlorn statement, the SGX said, “the parties have agreed to mutually terminate the merger implementation agreement entered into on October 25, 2010.” No revisions to the bid, then: it’s over. That the SGX won’t try again reflects the fact that the bid was rejected because of something it could do absolutely nothing about: Australian political sensitivity. Partly this was about the tricky question of Australian national interest – always a nebulous concept – and partly about timing.
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