Bank of Nova Scotia said it cut...

Bank of Nova Scotia said it cut its takeover offer for brokerage firm McLeod Young Weir Corp. of Toronto in a reaction to the stock market decline and that the bid was accepted. Bank of Nova Scotia one of Canada’s major banks, reduced its offer to $39 per share, or $314 million, from $45 per share, or $362 million. Bank Vice President Robert L. Brooks said the principal shareholders of McLeod, including U.S. investment firm Shearson Lehman Bros., which own 82% of the stock, agreed to the lower offer, paving the way for a takeover early next year. Shearson has a 30% stake in McLeod.