LONDON/FRANKFURT (Reuters) - London Stock Exchange Group (LSEG) (L:LSE) and Deutsche Boerse (DE:DB1Gn) plan to hold shareholder votes on their proposed merger after Britain's referendum on whether to stay in the European Union, three sources familiar with the matter said.
Both exchange groups will give investors the opportunity to see the outcome of the June 23 referendum before deciding on the proposed tie-up, though no final decision has yet been taken about the exact date of the votes, one of the sources said, speaking on condition of anonymity as the matter isn't public.
The dates for the votes are likely to be announced in late May or early June, another of the sources said.
LSEG and Deutsche Boerse declined to comment.
Initially there were some expectations that LSEG would hold a shareholder meeting to approve the merger with Deutsche Boerse before the British referendum.
This would have forced U.S. group Intercontinental Exchange (ICE) (N:ICE) to file any counterbid seven days before that meeting, with Britain's future in the EU still very much in doubt.
For ICE, LSEG would be a more attractive target with Britain inside the EU.
But earlier in May, ICE, owner of the New York Stock Exchange, announced it was shelving plans to make a counterbid for LSEG, giving the British exchange more time to finalise its merger documents with Deutsche Boerse.
Deutsche Boerse still needs to file a full set of merger documents with German regulators, which could take several weeks.
The two European exchanges have presented their proposed deal as "Brexit" proof given their combination would straddle the EU and Britain, should it leave.
But bankers and politicians in Frankfurt are concerned the tie-up could undermine Germany's financial centre, citing the planned seat of the merged group in London and a possible UK exit from the EU.