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While the two exchanges repeatedly emphasized that the transaction would be a "merger of equals," it was largely viewed in Canada as a British takeover.
If they wanted to transfer Australian dollars to a friend at home in Massachusetts, the transaction would be a major headache.
Cat Rock Capital Management, which owns 1.7percentnt of the company, said that a transaction would be a "better alternative" than sticking with the company's "plodding" board.
At a board meeting, Mr. Tisch argued that such a transaction would be a betrayal of shareholders because CBS stock was so undervalued, and he then challenged Mr. Wyman's authority to offer the company to potential suitors.
"This transaction would be a credit positive because of the debt reduction and the way it gives the company access to the equity markets in case it needs future capital," said Carla Norfleet Taylor, an analyst with Fitch Ratings.
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Early reports said the transaction would be an acquisition by Hilton, with the combined company run by Hilton's gambling chief, Arthur Goldberg.
Shadow chancellor John McDonnell said Labour's plans to increase taxes on City transactions would be a "Robin Hood tax" that would "make the financial sector pay its fair share" after the damage caused by the financial crisis.
Whether a limit on cash transactions would be an effective weapon in the fight against the illegal market remains open to debate.
The industry would have to figure out how to generate this payback, but a surcharge on financial transactions would be an easy starting point.
They both cautioned that there was no assurance that an actual transaction would be signed as a result of these talks.
That way, the buyer would pay no more than previously agreed, the seller would be able to sell the apartment, albeit at a cost, and the transaction would be recorded at a price that pleased the co-op board.
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CEO of Professional Science Editing for Scientists @ prosciediting.com