TMX Group (X.TO) investors seem more confident than ever that a C$3.8 billion bid for Canada's dominant market operator will succeed, and they're ready and willing to tender their shares to cash in on the deal. The resounding support for the Maple Group's C$50-a-share offer seems to fly in the face of a sharp drop in the TMX share price in the weeks since the London Stock Exchange bowed out of the race to take over TMX, having failed to win over enough shareholders. As a Sept. 30 deadline approaches for TMX shareholders to tender to Maple's cash and stock bid, the stock has slumped to about C$40, roughly where the shares traded in February just before LSE launched its doomed takeover bid. That suggests that many investors are wary that the deal will not pass muster when Canadian competition authorities scrutinize the proposal, which would bring the TMX's Toronto Stock Exchange and its top competitor under a single umbrella.
Shares of X remained unchanged at $29.01. In the past year, the shares have traded as low as $25.44 and as high as $64.03. On average, 9580230 shares of X exchange hands on a given day and today's volume is recorded at 4900.
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