TMX Group (X.TO) said on Thursday it authorized its board to hold takeover discussions with the consortium of Canadian banks and pension funds making a C$3.8 billion ($4.02 billion) hostile bid to purchase Canada's largest stock market operator. TMX, which operates the Toronto Stock Exchange, said it was making no recommendation on the offer by the Maple Group Acquisition Corp, comprised of 13 Canadian financial institutions. TMX authorized the talks after shareholders rejected a friendly bid from the London Stock Exchange (LSE.L) last month. ($1=94.4 Canadian cents)
TMX Group Inc. is an integrated, multi-asset class exchange group. Shares of X traded higher by 2.95% or $1.28/share to $44.65. In the past year, the shares have traded as low as $39.78 and as high as $64.03. On average, 8132590 shares of X exchange hands on a given day and today's volume is recorded at 6572231.
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