Proxy advisory firm ISS said on Thursday it recommends that TMX Group (X.TO) shareholders vote in favor of a proposed combination with the London Stock Exchange (LSE.L). The well-respected firm said there is little incentive for shareholders to support the rival cash-and-stock offer from Maple Group, a consortium of Canadian banks and pension funds, given the level of leverage involved in that offer. "We recommend shareholders take the bird in hand and vote for the proposed merger-of-equals with the LSE," the firm said. The recommendation comes just a day after both the LSE and Maple sweetened their offers in a bid to sway TMX shareholders, who are expected to vote on the LSE deal on June 30.
TMX Group Inc. is an integrated, multi-asset class exchange group. Shares of X remained unchanged at $42.60. In the past year, the shares have traded as low as $36.93 and as high as $64.03. On average, 8796420 shares of X exchange hands on a given day and today's volume is recorded at 7820.
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