A group of Canadian banks and pension funds is considering taking its C$3.6 billion bid ($3.7 billion) for TMX Group directly to the exchange operator's shareholders, a source involved in the proposal said on Wednesday. TMX (X.TO), which operates the Toronto Stock Exchange, last week rejected the takeover bid from Maple Group Acquisition Corp, comprised of four of Canada's largest banks and five leading pension fund managers. Instead the TMX said it still supports a $3 billion friendly offer to join forces with the London Stock Exchange (LSE.L). That bid was put forward in February. "There will be a press release in the next day or so to announce our next move," said the source, who was not authorized to speak on the record. "Obviously we would like somehow to take this proposal to the shareholders even though the TMX is not particularly interested in the deal," the source said.
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 5725924.
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