Maple Group Joined By 4 New Partners In TMX Bid
Maple Group Acquisition Corp has been joined by 4 additional financial institutions in its hostile bid for TMX Group, topping the friendly offer from the London Stock Exchange Group.
Dundee Capital Markets, GMP Capital Inc.,Manulife Financial and Desjardins Financial Group have agreed to join Maple’s C$3.6 billion bid for the operator of Canada’s main bourse. Maple Group which is named after the country’s maple leaf symbol said its offer is more financially beneficial than the all stock bid from the London Stock Exchange worth circa $3.4 billion, with the additional advantage of keeping the ownership of TMX within the country.
Maple’s original banking members are the Bank of Nova Scotia, National Bank of Canada, Toronto Dominion Bank and the Canadian Imperial Bank of Commerce as well as 5 pension funds which included Caisse de depot et placement du Quebec, Alberta Investment Management Corp, Fonds de solidarite des travailleurs du Quebec, Canada Pension Plan Investment Board and the Ontario Teachers Pension Plan Board.
Maple has less than 2 and a half weeks to convince investors its ‘all Canadian’ offer is better for the Canada’s capital markets, as shareholders will vote on the TMX-LSE deal on June 30th.
Monique Leroux, CEO of Desjardins which is Canada’s largest cooperative financial group said, “We believe Maple’s vision … includes a real commitment to further Montreal’s position as a centre of financial excellence.”