A group of Canadian banks and pension funds said on Wednesday it will take its C$3.6 billion ($3.7 billion) bid for TMX Group directly to shareholders after the exchange operator rejected the bid in favor of a friendly offer from the London Stock Exchange (LSE.L). "We are disappointed that the TMX Board declined our repeated invitations to engage us in discussions," said Luc Bertrand, lead spokesman for the Maple Group, comprised of four of Canada's top banks and five leading pension fund managers. TMX (X.TO), which operates the Toronto Stock Exchange, last week rejected the takeover bid from Maple Group. Instead the TMX has said it still supports a $3 billion combination with the London Stock Exchange (LSE.L), put forward in February. Both TMX and LSE shareholders are due to vote on that proposal on June 30.
TMX Group Inc. is an integrated, multi-asset class exchange group. Shares of X traded higher by 1.49% or $0.66/share to $44.89. In the past year, the shares have traded as low as $36.93 and as high as $64.03. On average, 9789420 shares of X exchange hands on a given day and today's volume is recorded at 5733924.
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