Toronto Exchange Owner Agrees to Support Maple’s Buyout Bid

TMX Group Inc., the owner of the Toronto Stock Exchange, recommended shareholders accept a C$3.73 billion ($3.72 billion) bid from a group of Canadian banks and pension funds, turning an unsolicited offer into a friendly bid.

Maple plans to buy 70 percent to 80 percent of TMX shares at C$50 a share in cash, and the rest of the stock with Maple shares, according to a statement. Maple, whose 13 members include Toronto-Dominion Bank, Caisse de Depot et Placement du Quebec, and Manulife Financial Corp., agreed to pay a C$39 million fee if the deal doesn’t close because regulatory approvals aren’t obtained.