LSE dismisses Maple’s hostile TMX bid

The London Stock Exchange has dismissed the threat of a higher hostile counter offer to its bid for Canada’s TMX stock market.

A Canadian consortium of banks and pension funds – Maple Group has said it will go directly to TMX shareholders after the Toronto bourses board said it would stick with the tie-up with London

The LSE’s Chief Executive Xavier Rolet said the rival bid is incomplete and fails to address questions about its funding and regulatory issues.

“Maple’s is a highly dubious construction where billion dollar questions remain unanswered,” Rolet said.

The LSE chief added he remained optimistic about his own agreed TMX deal.

But Goldman Sachs analyst Chris Turner said: “In our view the Maple Group’s rival bid for TMX Group leaves LSE with an uphill battle to convince both regulators and TMX Group shareholders that its offer is superior.”

TMX and LSE investors will vote on the deal on June 30.

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