LSE rival recruits new firms in hostile approach for TMX
FOUR more Canadian financial firms have joined the hostile bid to control Toronto bourse operator TMX Group, heaping pressure on an agreed merger with the London Stock Exchange.
Desjardins Financial Group, Dundee Capital Markets, GMP Capital and Manulife Financial have joined the Maple consortium of Canadian banks and pension funds in its $3.6bn (£2.2bn) bid for TMX.
Under the planned approach, the new Maple investors would hold a combined seven per cent stake in the new company. The entire consortium would hold 60 per cent of the company, whilst TMX shareholders would continue to hold 40 per cent.
TMX is in the process of merging with the LSE, led by Xavier Rolet (pictured), in a deal valued at $3.2bn.
Maple leader Luc Bertrand said: “The participation is another clear indication that our offer for TMX Group is superior to the LSE takeover plan.”