TMX board supports Maple Group’s $3.8 billion takeover bid

1 November 2011

The board of the TMC Group has voiced its support for the Maple Group Acquisition Corporation’s takeover bid valued at an estimated $3.8 billion.

TMX’s board recommended that shareholders agree to the $0.50 per share offer from the group, which is made up of 13 various banks and pension funds.

The organisation cited numerous reasons behind the decision to go-ahead with the deal including increased shareholder value, the opportunity to create an integrated trading and clearing group and the chance to become a more dominant player in international markets.

Wayne Fox, TMX Group Board chair, said that both the TMX Group and Maple reached an agreement on the strategic direction for the company.

“The board has unanimously determined that the Maple offer is in the best interests of the company, our shareholders and stakeholders, and advises our shareholders to accept the Maple proposal,” he explained.

The bid follows a similar attempt to acquire TMX Group by the London Stock Exchange earlier in the year, which failed after not receiving enough shareholder support.

By Jim Ottewill

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