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.

TORONTO (Reuters) – Maple Group launched a C$3.7 billion ($3.8 billion) hostile bid for Toronto Stock Exchange operator TMX Group on Monday, an all-Canadian challenge to the London Stock Exchange’s agreed bid.

The Maple Group consortium’s long-awaited official bid proposed C$48 a share cash for 70 percent of shares, compared with 60 percent in the original proposal nearly a month ago.

TORONTO, June 12 (Reuters) – Four more financial
institutions have joined Maple Group Acquisition Corp’s plan to
mount a hostile bid for the TMX Group (X.TO: Quote, Profile, Research, Stock Buzz) and top a friendly
offer from the London Stock Exchange Group (LSE.L: Quote, Profile, Research, Stock Buzz), the
consortium of Canadian banks and pension funds said on Sunday. Desjardins Financial Group, GMP Capital Inc (GMP.TO: Quote, Profile, Research, Stock Buzz), Dundee Capital Markets (DCM.TO: Quote, Profile, Research, Stock Buzz) and Manulife Financial (MFC.TO: Quote, Profile, Research, Stock Buzz) have agreed to join Maple's C$3.6 billion (US$3.7 billion) bid for the operator of Canada's main bourse. Maple Group, which takes its name from Canada's patriotic maple leaf symbol, says its offer is financially superior to the roughly US$3.4 billion all-stock bid from the London exchange and would keep ownership of the TMX within the country's borders. The new partners would own 7 percent of the new entity, while the original pension funds' share would be reduced to 31 percent from 35 percent. The original banks' ownership would be cut to 22 percent from 25 percent. TMX Group investors would still own 40 percent. Maple's original bank members are Toronto Dominion Bank (TD.TO: Quote, Profile, Research, Stock Buzz), Canadian Imperial Bank of Commerce (CM.TO: Quote, Profile, Research, Stock Buzz), National Bank of Canada (NA.TO: Quote, Profile, Research, Stock Buzz) and the Bank of Nova Scotia (BNS.TO: Quote, Profile, Research, Stock Buzz). Five pension funds also form part of the original group: Alberta Investment Management Corp, Caisse de depot et placement du Quebec, Canada Pension Plan Investment Board, Fonds de solidarite des travailleurs du Quebec (FTQ) and Ontario Teachers' Pension Plan Board. Maple, which is expected to take its hostile bid to TMX shareholders any day now, has less than three weeks to convince investors its "all-Canadian" alternative is better for the country's capital markets. Shareholders will vote on the TMX-LSE deal on June 30. Maple's new partners also tout what they see as the benefits of Maple's proposal to Canada's small- and mid-cap companies and to Montreal, Quebec, home to TMX's Montreal Exchange for derivatives. "We believe Maple's vision ... includes a real commitment to further Montreal's position as a center of financial excellence," Monique Leroux, chief executive of Desjardins, Canada's largest cooperative financial group, said in a statement. With a number of Maple members based in the French-speaking province and Luc Bertrand, vice-chairman of Quebec-based National Bank, acting as Maple's chief spokesman, Quebec may prove influential. ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ FACTBOX-Key players in TMX battle [nN02238198] TIMELINE-TMX takeover battle http:/r.reuters.com/qez89r Graphic of TMX market share http:/r.reuters.com/kyd89r ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ The Maple bid -- which partly hinges on regulatory approval of the acquisition of Alpha Group, Canada's leading alternative trading system, and the CDS clearinghouse -- will face antitrust scrutiny, as the Alpha/CDS component of the proposal would give the new entity a big share of the Canadian market. Six of the 13 Maple members are owners of Alpha, which competes with TMX's Toronto Stock Exchange. Integrating Alpha would give TMX more than 80 percent of the trading market. SHOW OF SUPPORT VS CONFLICT OF INTEREST Investors who spoke to Reuters in a recent poll signaled that the outcome remained uncertain, with many hoping Maple's circular would provide more details on its bid. [ID:nN02266428] Last week, Alpha chief executive Jos Schmitt told Reuters that additional Maple members would demonstrate a show of support to investors, a sentiment previously expressed by others. Not everyone is convinced, however. "It's two steps forward and five steps back," said Renee Colyer, chief executive of markets consultancy Forefactor, adding that should the Maple deal go through, it would create another monopoly market with "too many conflicts to count". "I knew they'd bring in others -- they have to. They are trying to reduce the conflict of interest by bringing in more players, increase the dollar amount they have to change the deal and demonstrate to the government how many firms want Canada to be a closed market." While Maple faces Canada's Competition Bureau, the LSE bid must win approval under the Investment Canada Act, which requires foreign takeovers to provide a "net benefit" to Canada. Provincial regulators also have a say, but those hurdles are considered less onerous. The LSE offer price is based on the exchange's closing price on Friday. (Additional reporting by Allan Dowd in Vancouver; Editing by Dale Hudson)

NEW YORK/TORONTO (Reuters) – The head of Canadian market operator TMX Group Inc (X.TO: Quote, Profile, Research, Stock Buzz) said on Friday it is full steam ahead for his company’s friendly takeover by London Stock Exchange Group Plc (LSE.L: Quote, Profile, Research, Stock Buzz) even though a hostile bid for TMX could come “any day now.”

The expected $3.7 billion counteroffer from the Maple Group consortium of Canadian banks and pension funds will throw a new hurdle in the path of the LSE’s offer to buy the Toronto Stock Exchange parent for about $3.5 billion.

NEW YORK/TORONTO, June 10 (Reuters) – The head of Canadian
market operator TMX Group Inc (X.TO: Quote, Profile, Research, Stock Buzz) said on Friday it is full
steam ahead for his company’s friendly takeover by London Stock
Exchange Group Plc (LSE.L: Quote, Profile, Research, Stock Buzz) even though a hostile bid for TMX
could come “any day now.”

The expected $3.7 billion counteroffer from the Maple Group
consortium of Canadian banks and pension funds will throw a new
hurdle in the path of the LSE’s offer to buy the Toronto Stock
Exchange parent for about $3.5 billion.

TORONTO (Reuters) – A shareholder vote on the London Stock Exchange’s $3.5 billion (2.1 billion pounds) takeover bid for Canada’s TMX Group (X.TO: Quote, Profile, Research) is less than a month away, but investor Chris Damas still can’t make up his mind. He’s not alone.

Shareholders in the company that operates the Toronto Stock Exchange have yet to rally around either the LSE’s (LSE.L: Quote, Profile, Research) friendly bid or a hostile $3.7 billion offer from Maple Group Acquisition Corp, a consortium of Canadian banks and pension funds.

TORONTO (Reuters) – A shareholder vote on the London Stock Exchange’s $3.5 billion takeover bid for Canada’s TMX Group (X.TO: Quote, Profile, Research, Stock Buzz) is less than a month away, but investor Chris Damas still can’t make up his mind. He’s not alone.

Shareholders in the company that operates the Toronto Stock Exchange have yet to rally around either the LSE’s (LSE.L: Quote, Profile, Research, Stock Buzz) friendly bid or a hostile $3.7 billion offer from Maple Group Acquisition Corp, a consortium of Canadian banks and pension funds.

TORONTO, June 6 (Reuters) – A shareholder vote on the
London Stock Exchange’s $3.5 billion takeover bid for Canada’s
TMX Group (X.TO: Quote, Profile, Research) is less than a month away, but investor Chris
Damas still can’t make up his mind. He’s not alone.

Shareholders in the company that operates the Toronto Stock
Exchange have yet to rally around either the LSE’s (LSE.L: Quote, Profile, Research)
friendly bid or a hostile $3.7 billion offer from Maple Group
Acquisition Corp, a consortium of Canadian banks and pension
funds.

NEW YORK/TORONTO (Reuters) – TMX Group Inc (X.TO: Quote, Profile, Research) faces a giant hurdle to win over shareholders ahead of a vote on London Stock Exchange’s (LSE.L: Quote, Profile, Research) $3 billion (1 billion pounds) bid for Canada’s market operator, the head of Toronto Dominion Bank (TD.TO: Quote, Profile, Research) said on Friday.

TD Chief Executive Ed Clark, who is part of the so-called Maple Group consortium of nine Canadian banks and pension funds that is pitching a rival bid to shareholders, said it was unfortunate that TMX and LSE had set a June 30 vote date for shareholders — well before federal and provincial regulators are likely to rule on the deal.

TORONTO/LONDON, May 26 (Reuters) – There’s no clear winner
between the two bids for Toronto’s main exchange operator, as
price, a monopoly position and the possible reaction to the
loss of a national treasure play into investors’ decision.

Accepting a $3 billion friendly offer for TMX Group (X.TO: Quote, Profile, Research, Stock Buzz)
from the London Stock Exchange (LSE.L: Quote, Profile, Research, Stock Buzz) at a fast-track
shareholders meeting on June 30 would leave the final decision
in the hands of Canadian regulators who must assess if the
takeover is in the country’s best interests.