Maple Group dismissed a proxy advisory firm's recommendation on Friday that shareholders of Canadian exchange operator, TMX Group (X.TO), vote in favor of a $3.5 billion takeover proposal from London Stock Exchange Group (LSE.L). The recommendation by Glass, Lewis & Co may help persuade some investors to back the LSE's friendly proposal, which requires holders of two-thirds of TMX shares to support the offer. But Maple Group Acquisition Corp, a consortium of 13 Canadian financial institutions, called the report's recommendation "deeply flawed". TMX, which operates the Toronto Stock Exchange and the TSX Venture Exchange, is attempting to fend off a hostile, $3.8 billion bid from Maple. Maple would terminate its bid if investors vote in favor of the LSE deal.
TMX Group Inc. is an integrated, multi-asset class exchange group. Shares of X fell by 0.48% or $-0.2/share to $41.46. In the past year, the shares have traded as low as $36.93 and as high as $64.03. On average, 9110930 shares of X exchange hands on a given day and today's volume is recorded at 2894246.
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