Maple Group Acquisition, the group of nine Canadian pension funds and banks that offered to buy TMX Group, said more time should be given for shareholders to consider its unsolicited proposal.
TMX owners are scheduled to vote June 30 on a C$3.34 billion (US$3.42 billion) takeover bid by London Stock Exchange Group. Maple Group hasn’t officially filed documents on its C$3.58 billion offer, which TMX has rejected.
“Holding this meeting on the 30th is unfair to shareholders and regulators,” Maple Group spokesman Luc Bertrand said Friday in a telephone interview. Mr. Bertrand, a former CEO of Montreal Exchange who became deputy CEO at TMX before leaving in 2009, is vice chairman at National Bank of Canada, a member of Maple Group.
The bidders haven’t asked TMX for an extension, Mr. Bertrand said. Instead, Maple Group has been focused on preparing an information circular for its counteroffer. He declined to say when the circular would be filed.
“Admittedly, this is a crucial decision for Canada,” Mr. Bertrand said. “More time should be allocated so that everyone has more information and more clarity as to what are the consequences of this decision.”
Maple Group’s backers also include the C$151.7 billion Caisse de Depot et Placement du Quebec, C$148.2 billion Canada Pension Plan Investment Board, C$100 billion Ontario Teachers’ Pension Plan and Alberta Investment Management.
TMX Group CEO Thomas Kloet has said shareholders see his “vision” of a combination with LSE, instead of a purchase by Maple Group.
“We just haven’t seen the values they’ve suggested,” Mr. Kloet told reporters after a presentation he made Friday in New York.