The banks and pension funds with a C$3.7 billion hostile offer for the Toronto Stock Exchange touted their offer directly to shareholders on Monday, denying that it would curb competition and urging shareholders to vote for the made-in-Canada solution. In its formal proposal for the stock market's parent, TMX Group (X.TO), Maple Group said it was offering C$48 a share in cash for 70 percent of TMX shares, compared with 60 percent in the original proposal nearly a month ago. That rivals a friendly C$3.5 billion bid from the London Stock Exchange Group (LSE.L), which TMX and LSE heads say different from other proposed Transatlantic exchange tie-ups in that it focuses on growth and building new businesses rather than cost and revenue savings. Shareholders vote on the LSE-TMX deal on June 30. Maple urged shareholders to vote against that proposal -- Maple's bid dies if TMX shareholders vote for LSE's offer.
TMX Group Inc. is an integrated, multi-asset class exchange group. Shares of X fell by 2.38% or $-1.03/share to $42.30. In the past year, the shares have traded as low as $36.93 and as high as $64.03. On average, 9644400 shares of X exchange hands on a given day and today's volume is recorded at 3851633.
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