CI Faces Toronto-Dominion as TMX Investors Prepare for LSE Vote

TMX Group Inc.’s biggest shareholders are lining up on both sides before a vote tomorrow that will determine whether London Stock Exchange Plc’s takeover offer for the Toronto Stock Exchange operator will succeed.

CI Financial Corp.’s William Holland, whose firm is the largest TMX shareholder, said he favors the LSE proposal. Jarislowsky Fraser Ltd. and Calgary-based Mawer Investment Management Ltd., the latter of which holds about 1.24 million TMX shares for clients, said they support a competing offer from a group of Canadian banks and pension funds. LSE needs two-thirds support from voting TMX shareholders for its C$3.29 billion ($3.4 billion) friendly bid to advance.