Adviser throws its weight behind London bid for TMX

THE LONDON Stock Exchange’s agreed merger with Toronto bourse operator TMX Group received backing from an independent adviser yesterday, in a damaging blow to a hostile bid from a consortium of Canadian financial institutions.

Institutional Shareholder Services (ISS), the biggest shareholder advisory service in the world, backed the LSE’s friendly C$3.2bn (£2bn) deal with the Toronto Stock Exchange operator.

The adviser said no issues had been identified with the bid, or with the shape of the board following the merger, and urged LSE shareholders to vote in favour of the deal.

TMX shareholders are currently weighing a C$3.6bn hostile approach from the Maple group of Canadian financial institutions.