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Maple Group Claims To Have Growing Shareholder Support for TMX Bid: report

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Maple Acquisition Corp. has growing support for its $3.58 billion bid to buy Toronto Stock Exchange owner TMX Group Inc. (X.TO), Luc Bertrand, head of the bank-led group, is cited in a Bloomberg report as saying.

TMX shareholders will probably reject a rival offer from the London Stock Exchange Group Plc ( LSE ) in a vote set for June 30, Bertrand reportedly said. The Maple offer will provide better long-term growth and protect the company's dividend, Bertrand told reporters today in Montreal.

"There is a growing body of institutional investors and also many retail investors who are increasingly understanding that what we are proposing from a business standpoint" is "significantly superior," he reportedly said after a speech where he touted Maple's local backers over U.K. control.

Maple Group's 13 members include Toronto-Dominion Bank (TD.TO), Manulife Financial Corp. (MFC.TO) and National Bank of Canada (NA.TO), and Bertrand is seeking to convince TMX investors to vote against the London exchange owner's $3.32 billion offer, Bloomberg said. TMX, owner of the Toronto Stock Exchange and Montreal's derivatives market, backs LSE's all-stock takeover and has rejected Maple's cash and equity proposal.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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