Markets often react negatively to acquistions. If my memory serves me right, the market didn't like TD's purchase of CT in 1999 either. There is integration risk and they always think the purchaser paid too much. In the case of ING there is also dilution of current shareholdets.
The thing that I find interesting is that a higher payout ratio doesn't have much if any effect on price. Classic finance theory says investors should be indifferent to higher divs but I would have thought that in this envireonment the market would have reacted positively. Their (TD) CEO did say they raised the payout ratio in response to what their institutional investors wanted. Maybe we need to wait longer for the market to react. Quite often higher divs mean a lack of investment opportunities within the company. This has been the case at BMO until recently.
Emera (EMA) increased their quarterly dividend from $0.3375 to $0.35 ($1.40 annually) .