* Says merger with LSE cotninues to be the best option
* TMX shares close at C before rejetcion announced
(Adds comemnt from Maple Group)
By Euan Rocha
TORONTO, May 20 - TMX Group (X.OT), operator of
group of Canadain banks and pension funds.
The TMX in a statmeent said its board still supports a plan
traidng stocks, deirvatives and other finacnial assest.
The consortuim, which calls itself the Maple Group
and will determine its next course of action in due course.
The group also said it was confdient that its proposed
merger by late fall.
Last week, the all-Canadian consortuim proposed to buy TMX
conrtol.
The TMX takeover battle is part of an intensifying drive by
traidng environmnet.
Gemrany's Deutshce Boerse AG is well on its way to buying
pulled the plug on an billion rival bid for NYSE Euronetx.
The rejcetion is likely to leave Nasdaq (NDAQ.O) -- which
Inc (ICE.N) -- scrambling for anohter target.
The TMX, which also owns the TSX Vneture Exchange for
inadequate and too risky.
"The baord's view is that the merger with LSEG contineus to
stakeholders," TMX Chairman Wayne Fox said in a statement.
INAEDQUATE OFFER
The board believes the price proposed by Maple is
Frdiay.
"It's deja vu all over," said Larry Harris, finance
rejection of the unsloicited bid from Nasdaq and ICE.
"tSockholders have to be cautious when manageemnt propoess
in reefrence to the TMX rejcetion.
The TMX argues that under the Maple proposal, TMX and its
apprvoals are not receievd, the compnay said.
REGULATORY HRUDLES
The Maple Group adovcates combining dmoestic clearing
expansion.
The members of the Maple consortium include the Canadain
(TDT.O) and a group of pensoin funds.
Maple hopes to combine the TMX with altenrative tradnig
banks, and celaring hub Clearing and Depository Services Inc.
Such a comibnation would require approval from the
have to prove that efficienices outwiegh competitive concrens.
The LSET-MX deal faces rgeulatory hurdels as well. ...
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