Transportation, Retail and Markets Correspondent, Canada
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Jul 6, 2011

Maple’s Bertrand confident TMX bid will succeed

TORONTO, July 6 (Reuters) – Maple Group Acquisition Corp is
confident it will get both shareholder and regulatory support
for its C$3.8 billion ($3.94 billion) takeover bid for Toronto
Stock Exchange operator TMX Group (X.TO: Quote, Profile, Research).

“Now that we’ve gone over the very important step of not
having the LSE proposal proceed … we’re of the view that the
70 percent (shareholder support) is, in terms of reaching it,
is very realistic,” Maple’s chief representative, Luc Bertrand,
told Reuters.

Jul 5, 2011

C$ slips as Portugal downgrade drags

TORONTO, July 5 (Reuters) – The Canadian dollar slipped for
a second session against the U.S. dollar on Tuesday after a
major ratings agency downgraded Portugal and as soft euro zone
data and worries about China left investors cautious.

Moody’s Investors Service cut Portugal’s credit rating by
four levels into junk territory, saying there was great risk
the country would need a second round of financing before it
could return to capital markets. The news added to lingering
worries about Greece even as Athens narrowly averted a
default.

Jul 5, 2011

Tough competition czar next big hurdle for TMX bid

TORONTO, July 5 (Reuters) – Canada’s increasingly
aggressive competition watchdog, led by a tenacious former
litigator, poses a major hurdle for the bank-led consortium
trying to buy the country’s biggest stock market operator.

The Competition Bureau, led by Commissioner Melanie Aitken,
has proven its willingness to play hardball with major
opponents, slapping Canada’s biggest phone company with a
multimillion-dollar penalty and spurring its biggest airline to
shelve a major venture.

Jul 5, 2011

Analysis: Tough competition czar next big hurdle for TMX bid

TORONTO (Reuters) – Canada’s increasingly aggressive competition watchdog, led by a tenacious former litigator, poses a major hurdle for the bank-led consortium trying to buy the country’s biggest stock market operator.

The Competition Bureau, led by Commissioner Melanie Aitken, has proven its willingness to play hardball with major opponents, slapping Canada’s biggest phone company with a multimillion-dollar penalty and spurring its biggest airline to shelve a major venture.

Jun 30, 2011

TMX stays mum on hostile Maple bid, focus on growth

TORONTO, June 30 (Reuters) – TMX Group (X.TO: Quote, Profile, Research, Stock Buzz), operator of
Canada’s largest stock exchange, isn’t ready to say how it will
respond to a hostile Canadian offer, a day after it scrapped a
planned C$3.6 billion tie-up with the London Stock Exchange
(LSE.L: Quote, Profile, Research, Stock Buzz).

Chief Executive Tom Kloet said on Thursday that the firm,
which operates the Toronto Stock Exchange as well as the
smaller TSX Venture Exchange, was not in any kind of takeover
talks at present and was focusing on growth.

Jun 27, 2011

Time running out on LSE bid for TMX

TORONTO (Reuters) – The odds are stacked against the London Stock Exchange in its bid to take over the operator of Canada’s biggest stock exchange, amid vocal endorsements for its made-in-Canada rival from investors, a billionaire activist and provincial politicians.

The LSE offer is worth C$3.6 billion, including a cash dividend to TMX Group shareholders. A rival offer from a bank-led Canadian consortium comes in at around C$3.8 billion.

Jun 22, 2011

Sweetened TMX deal right for investors: Kloet

TORONTO (Reuters) – The London Stock Exchange’s decision to sweeten its bid for TMX Group, operator of the Toronto Stock Exchange, shows the companies’ confidence in the deal, TMX Chief Executive Tom Kloet said on Wednesday.

The LSE revised its friendly takeover offer to include a special dividend of C$4 per TMX share and 84.1 pence per ordinary share of the LSE. That brings the value of the deal to $4.1 billion, which tops a hostile $3.8 billion bid from a consortium of Canadian financial institutions.

Jun 17, 2011

Proxy firm backs LSE-TMX deal, Maple cries foul

TORONTO (Reuters) – A well-known proxy advisory firm recommended on Friday that shareholders of Canadian exchange operator TMX Group (X.TO: Quote, Profile, Research, Stock Buzz) vote in favor of a $3.5 billion takeover proposal from London Stock Exchange Group (LSE.L: Quote, Profile, Research, Stock Buzz).

TMX, which operates the Toronto Stock Exchange and the TSX Venture Exchange, is attempting to fend off a hostile $3.8 billion takeover bid from Maple Group Acquisition Corp, a consortium of 13 Canadian financial institutions. TMX favors the LSE’s offer.

Jun 16, 2011

Maple Group woos TMX investors with newspaper ads

TORONTO, June 16 (Reuters) – A Canadian consortium of
banks, pension funds and investment firms that hopes to acquire
the operator of the Toronto Stock Exchange ramped up its sales
pitch to shareholders on Thursday with full page ads in
Canada’s two national newspapers.

Maple Group Acquisition Corp reached out to TMX Group
(X.TO: Quote, Profile, Research, Stock Buzz) shareholders in a letter published in the Globe and Mail
and the National Post. The group urged them to vote their
yellow proxy against the London Stock Exchange’s (LSE.L: Quote, Profile, Research, Stock Buzz)
friendly all-stock bid for TMX by June 28, ahead of a June 30
shareholder meeting that will decide TMX’s future.

Jun 15, 2011

Maple Group has no plans to sweeten TMX bid

TORONTO (Reuters) – The all-Canadian consortium that launched a hostile C$3.7 billion ($3.8 billion) takeover bid for TMX Group has no plans to sweeten its C$48-a-share offer or change any other terms, a source with knowledge of Maple’s strategy said on Wednesday.

The source said, there was “no intention right now of changing the terms” for TMX, the operator of the Toronto Stock Exchange, TSX Venture Exchange and the Montreal Exchange for derivatives.

    • About Solarina

      "I am a Canadian transportation, retail and markets correspondent. I occasionally moonlight in entertainment and lifestyle news. I was formerly a homepage editor for Reuters.com, and an online news editor for Reuters.com, .co.uk and .ca. Life before Reuters included working in China and freelancing in California."
      Joined Reuters:
      2003
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