Deals
Canada Banks Seen Closing TMX as Exchange Mergers Flop: Real M&A
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Canada’s banks are closer than ever in their attempt to buy TMX Group Inc., even after almost every deal in the biggest wave of exchange takeovers failed.
TMX, owner of the Toronto Stock Exchange, rose to C$44.70 this month, shrinking the gap to Maple Group Acquisition Corp.’s C$50-a-share offer to the narrowest since it became the sole bidder in June, according to data compiled by Bloomberg. TMX had fallen to a five-month low on concern Maple, a group of banks and pensions formed to keep TMX in Canadian hands, would pull its hostile takeover after the London Stock Exchange Group Plc dropped a competing agreement, or have it blocked by regulators.