A consortium of Canadian banks and pension funds has taken its $3.68 billion takeover bid for the TMX Group to shareholders, Financial Times reports. The Maple Group consortium consists of TD Securities, CIBC World Markets, Scotia Capital and Ontario Teachers’.
The board of the exchange operator had earlier rejected Maple group’s $49 a share offer and backed its already agreed merger with the London Stock Exchange. Maple group’s offer comprises of cash and shares in the new entity. As per the offer, TMX will be combined with Canada’s securities clearing utility, CDS and alternative trading venue, Alpha.
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