At least three financial companies plan to join the Maple Group's $3.7 billion hostile bid for TMX Group (X.TO), adding heft to an all-Canadian alternative to the London Stock Exchange's friendly offer. Desjardins Financial Group, GMP Capital Inc (GMP.TO), Dundee Capital Markets (DCM.TO) could agree as early as Tuesday to join the consortium challenging the LSE's (LSE.L) $3.5 billion bid for the the Toronto Stock Exchange operator, 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 Canadian partners into Maple would bolster the credentials of a bid that its supporters say would preclude the possibility of Canadian capital markets falling under foreign control.
Shares of X traded higher by 0.26% or $0.11/share to $42.98. 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 4096465.
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 55162.
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