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Maple Group Says TMX Shareholders Need More Time to Consider Offer: report

Maple Group Acquisition Corp., the group of nine Canadian pension funds and banks - including CIBC, Scotiabank, TD Bank and National Bank - that offered to buy TMX Group Inc. (X.TO), said more time should be given for shareholders to consider their unsolicited proposal, Bloomberg reported.

TMX owners are scheduled to vote June 30 on a $3.34 billion takeover bid by London Stock Exchange Group Plc. ( LSE ). Maple Group hasn't officially filed documents on its $3.58 billion offer, which TMX has rejected.

"Holding this meeting on the 30th is unfair to shareholders and regulators," Maple Group spokesman Luc Bertrand reportedly said. Bertrand, a former CEO of Montreal Exchange who became Deputy CEO at TMX before leaving in 2009, is Vice Chairman at National Bank of Canada (NA.TO), a member of Maple Group.

The bidders haven't asked TMX for an extension, Bertrand reportedly said. Instead, Maple Group has been focused on preparing an information circular for its counteroffer. He declined to say when the circular would be filed.

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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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