TMX Group (X.TO), operator of the Toronto Stock Exchange, should stay in Canadian hands or the country risks an exodus of its financial institutions and its brightest financial talents, Montreal billionaire investor Stephen Jarislowsky said on Friday. Jarislowsky threw his backing behind a hostile takeover bid for the TMX by Maple Group Acquisition Corp, a consortium of 13 Canadian financial institutions and pension funds. "The Maple business model is solid and will encourage the creation of an even stronger exchange that is able to attract attention on the international scene," he said in a statement. A vote on the London Stock Exchange's (LSE.L) friendly takeover offer for the TMX is being held on Thursday and needs the approval of two-thirds of TMX shareholders to go through. The battle for TMX has been heating up, with both sides raising their offers this week.
TMX Group Inc. is an integrated, multi-asset class exchange group. Shares of X fell by 2.34% or $-1.01/share to $42.10. In the past year, the shares have traded as low as $36.93 and as high as $64.03. On average, 8807520 shares of X exchange hands on a given day and today's volume is recorded at 2857401.
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