At least three Canadian financial services companies plan to join the Maple Group's $3.7 billion hostile bid for TMX Group (X.TO), adding momentum to the made-in-Canada alternative to the London Stock Exchange's friendly offer. Desjardins Financial Group, GMP Capital Inc (GMP.TO), Dundee Capital Markets (DCM.TO) could announce agreements as early as Tuesday to join the Maple consortium challenging the LSE's (LSE.L) $3.5 billion bid for the operator of the Toronto Stock Exchange, a source familiar with the situation said on Tuesday. "The Canadian financial sector is lining up behind the Maple bid," said Laurence Booth, a professor of finance at the University of Toronto's Rotman School of Business. Bringing more established Canadian financial firms into Maple would bolster the credentials of a bid that has drawn support from those concerned that a TMX-LSE combination would lead to foreign control of Canadian capital markets.
Shares of X traded higher by 0.63% or $0.27/share to $43.14. In the past year, the shares have traded as low as $36.93 and as high as $64.03. On average, 9330650 shares of X exchange hands on a given day and today's volume is recorded at 2815543.
Shares of DCM traded higher by 0.06% or $0.01/share to $18.16. In the past year, the shares have traded as low as $14.47 and as high as $19.23. On average, 222966 shares of DCM exchange hands on a given day and today's volume is recorded at 39274.
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