Maple Group goes hostile with its offer for TMX

MAPLE Group, a consortium of Canadian banks and pension funds, last night decided to go hostile with its C$3.7bn (£2.3bn) bid for the TMX, the Toronto exchange group.

Its bid was rejected in favour of the London Stock Exchange’s friendly C$3bn bid, a move that Maple said was “disappointing”. But Maple has the support of several Canadian lawmakers, who have expressed concern about the merger of the country’s major exchange with a foreign rival.

A spokesman for Maple said: “By accelerating the timing of their meeting to consider the LSE takeover, TMX have given us no choice but to make our offer available directly to TMX Group shareholders.”

The LSE and TMX said in separate statements yesterday they would hold their general meetings for shareholders to vote on the merger on 30 June.