The London Stock Exchange (LSE.L) added cash payouts to its friendly bid for the operator of the Toronto Stock Exchange on Wednesday, raising the value to C$4.1 billion and topping a $3.8 billion hostile offer from a Canadian consortium. Just a week before TMX Group (X.TO) shareholders vote on its proposal, the LSE added some C$660 million ($680 million) to its bid in the form of special dividends of C$4 per TMX share and 84.1 pence per ordinary share of the LSE, in an effort to woo shareholders from both companies. But it's not clear if the sweetener will be enough for TMX shareholders, who are also looking at a cash-and-stock offer of about C$48 a share, from the Maple Group of Canadian banks, pension funds and financial services firms. "I think it's inadequate," said Richard Fogler, a shareholder and president of investment firm Kingwest & Company. "The LSE, by raising the bid, they've basically publicly stated that they don't have the votes to win."
TMX Group Inc. is an integrated, multi-asset class exchange group. Shares of X traded higher by 1.12% or $0.47/share to $42.60. In the past year, the shares have traded as low as $36.93 and as high as $64.03. On average, 8838850 shares of X exchange hands on a given day and today's volume is recorded at 6860614.
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