The battle for control of TMX has intensified after rival bidder Maple Group increased its bid in an attempt to derail the Canadian market's tie-up with the London Stock Exchange (LSE).
Yet the LSE and TMX's proposed merger was bolstered yesterday after the world's largest proxy shareholder came out in favour of the deal.
Late on Wednesday, Maple Group, a consortium of 13 Canadian financial companies, upped the terms of its hostile bid to C$3.8bn (£2.4bn) from about C$3.7bn. TMX said it would review Maple's new bid but would make no further public statement until the offer had been fully analysed. News of the approach came just hours after the LSE and TMX revealed they were to offer a £416m sweetener to shareholders to persuade them to back the deal. Shares in LSE shaded 1p to 956.5p.