TMX Staying Independent More Likely Than Maple Buy, RBC Says

TMX Group Inc., the Toronto-based bourse owner that failed to sell itself to London Stock Exchange Group Plc, is “slightly more likely” to remain independent than be taken over by 13 Canadian banks and pensions, according to RBC Capital Markets.

The C$3.73 billion ($3.85 billion) bid by Maple Group Acquisition Corp. faces regulatory reviews that may scuttle the transaction, said Geoffrey Kwan, an analyst at RBC. Maple, whose investors include Toronto-Dominion Bank and Manulife Financial Corp., may also have difficulty buying the 70 percent of TMX shares needed for its bid to succeed, he wrote in a report.