TMX Group , the owner of Toronto Stock Exchange, said late on Sunday that it unanimously supports Maple Group's C$3.8 billion ($3.8 billion) takeover proposal and urged its shareholders to vote for the deal. TMX said the current price and deal structure will remain the same. A reverse termination fee of $39 million has been set.Maple Group is a consortium group of 13 Canadian financial institutions and pension funds that had floated a proposal to purchase the parent of the Toronto exchange.Maple had earlier submitted applications to regulators in Ontario, Quebec, Alberta, and British Columbia tied to its bid for TMX Group. TMX said the deal is subject to regulatory approvals."The board has unanimously determined that the Maple offer is in the best interests of the company, our shareholders and stakeholders," Wayne Fox, TMX Group board chairman, said in a statement.
TMX Group Inc. is an integrated, multi-asset class exchange group. Shares of X fell by 0.21% or $-0.09/share to $42.36. In the past year, the shares have traded as low as $30.96 and as high as $45.69. On average, 235905 shares of X.TO exchange hands on a given day and today's volume is recorded at 70587.
Financial Institutions, Inc. (FII) is a financial holding company. Shares of FISI fell by 1.35% or $-0.23/share to $16.81. In the past year, the shares have traded as low as $13.62 and as high as $20.74. On average, 48072 shares of FISI exchange hands on a given day and today's volume is recorded at 51697.
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