A Canadian consortium believes it has enough support to stymie the London Stock Exchange's (LSE.L) takeover bid for TMX Group (X.TO), Canada's largest stock market operator, at a shareholder vote on Thursday, a source with the 13-member consortium said. Based on conversations with large shareholders who have indicated how they will vote, the Maple Group source said the consortium of banks, pension funds and financial services firms expected more than 1/3 of TMX shareholders to oppose the LSE offer. The deal needs a 2/3 majority to pass. "All I can say right now is we remain confident that we will get the vote, which is more than one third," said the source, who has no access to proxy votes submitted ahead of Thursday's 10 a.m. EDT (1400 GMT) shareholder vote. TMX shareholders are due to vote on Thursday on a friendly C$3.6 billion offer from the LSE, and they can also officially rebut a hostile, C$3.8 billion bid from Canada's Maple Group.
TMX Group Inc. is an integrated, multi-asset class exchange group. Shares of X traded higher by 6.44% or $2.79/share to $46.10. In the past year, the shares have traded as low as $36.93 and as high as $64.03. On average, 8585360 shares of X exchange hands on a given day and today's volume is recorded at 8718151.
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