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TMX Hasn’t Been Approached by Firms With Counterbid, CEO Kloet Says
TMX Group Inc. (X) Chief Executive Officer Thomas Kloet said he hasn’t been approached by other firms interested in putting together a counterbid to its combination with the London Stock Exchange Group Plc. (LSE)
A group of Canadian banks approached the country’s pension plans to seek alternatives for the C$3.2 billion takeover of TMX by the London bourse to keep the Toronto Stock Exchange in Canadian hands. He said TMX would be obligated to consider all alternatives if any were presented.
“We’d consider all alternatives on the whole, but we’re committed to the deal we have,” Kloet said today at the Bloomberg Canada Economic Summit. “The deal we have is an excellent deal. I have not seen anything else.”
London Stock Exchange Group on Feb. 9 agreed to combine with TMX Group in a C$3.2 billion ($3.3 billion) all-stock transaction, in which LSE shareholders would own 55 percent of the company. The transaction requires approval of the Canadian government and five provincial securities regulators, as well as two-thirds of TMX shareholders.
“We think we have found a partner who’s like-minded in many ways, helps us develop a whole host of new products and services that we don’t currently have in our marketplace,” Kloet said. “We’re excited by that deal.”
Kloet said he wouldn’t comment on any alternative deals he hasn’t seen.
“I know what our deal is, and I know it’s good for our marketplace,” Kloet said.