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