A group of Canadian banks and pension funds is considering taking its C$3.6 billion bid ($3.7 billion) for the TMX Group directly to the exchange operator's shareholders, a source involved in the bid said on Wednesday. TMX (X.TO), which operates the Toronto Stock Exchange, last week rejected the takeover bid from Maple Group Acquisition Corp, which comprises of four of Canada's largest banks and five of the country's leading pension fund managers. Instead the TMX said it still supports a $3 billion combination with the London Stock Exchange (LSE.L) that was put forward in February. Both TMX and LSE shareholders are due to vote on that proposal on June 30. Even so, the Maple Group sees the TMX's rejection as a gambit to secure a higher price, said the source, who is not authorized to speak on the record.
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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