Rival bidder for TMX says LSE bid bad for shareholders

Steve Dinneen
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THE banker leading a rival bid for Toronto Stock Exchange owner TMX Group has claimed the London Stock Exchange offer does not offer shareholders value.

In an interview with the Times Luc Bertrand, vice-chairman of Quebec-based National Bank of Canada, said: “As a shareholder, I would say it’s not a very good premium they are offering.”

He also denied that his Maple Group consortium is motivated by the desire to keep the firm in Canadian hands. He said that if successful the bid could lead to further acquisitions, although he would not confirm whether the LSE could itself be a potential target.

He said: “A lot of people have said, ‘aren’t you closing yourself into the Canadian space’. In fact, we are doing the opposite. We want to create a stronger company and participate fully in the international theatre.”

The London Stock Exchange has tabled a C$3.2bn (£2bn) all-share merger deal. The opposing Maple group bid consists of cash and shares valued at C$3.6bn.

TMX said it is pressing ahead with its merger with the London Stock Exchange, rejecting Maple’s proposals.