TMX Group (X.TO) said on Friday a proxy advisory firm recommended that shareholders of the Canadian exchange operator vote in favor of a $3.5 billion proposal to join forces with London Stock Exchange (LSE.L). The recommendation by Glass, Lewis & Co may help persuade some investors to back the LSE's friendly takeover proposal, which requires holders of two-thirds of the shares to support the offer. TMX, which operates the Toronto Stock Exchange and the TSX Venture Exchange, is attempting to fend off a hostile, $3.8 billion bid from the Maple Group, a Canadian consortium of banks, pension funds and investment firms. Maple would terminate its bid if investors vote in favor of the LSE deal. With the clock ticking, executives on both sides have been speaking to institutional investors and business leaders about the merits of their respective deals.
TMX Group Inc. is an integrated, multi-asset class exchange group. Shares of X traded higher by 0.96% or $0.4/share to $42.06. In the past year, the shares have traded as low as $36.93 and as high as $64.03. On average, 9110930 shares of X exchange hands on a given day and today's volume is recorded at 1201795.
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