TMX Group (X.TO) said on Thursday it was launching talks with hostile bidder Maple Group, but made no recommendation on the C$3.8 billion ($4.02 billion) offer from the Canadian consortium. The operator of the Toronto Stock Exchange authorized the discussions with Maple after the London Stock Exchange (LSE.L) abandoned its friendly bid because it failed to generate enough shareholder support. "While there can be no assurance that these discussions will ultimately lead to a TMX Group Board supported transaction, the signing of this agreement and the commencement of discussions is a positive step," said Luc Bertrand, speaking on behalf of Maple Group. Bertrand is vice-chairman of National Bank of Canada (NA.TO), one of the Maple members. Maple Group Acquisition Corp, comprised of 13 Canadian financial institutions, wants to strike a friendly deal with TMX and believes its offer in cash and stock is compelling.
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 6573211.
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