The London Stock Exchange (LSE.L) sweetened its friendly bid for the operator of the Toronto Stock Exchange to $4.1 billion on Wednesday, topping a hostile offer from a Canadian consortium. Stepping in a week before TMX Group (X.TO) shareholders vote on its proposal, the LSE added some C$660 million ($680 million) to its bid in the form of special dividends of C$4 per TMX share and 84.1 pence per ordinary share of the LSE. "They bested the Maple deal by almost a dollar," said Alison Crosthwait, director of global trading strategy at Instinet, which operates Chi-X, Canada's second-largest alternative trading system. She valued the new LSE deal at C$48.94 a share.
TMX Group Inc. is an integrated, multi-asset class exchange group. Shares of X traded higher by 1.12% or $0.47/share to $42.60. In the past year, the shares have traded as low as $36.93 and as high as $64.03. On average, 8838850 shares of X exchange hands on a given day and today's volume is recorded at 6838573.
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