TORONTO (Reuters) - TMX Group (X.TO) shares rose the open on Tuesday after the consortium of Canadian financial institutions bidding for the operator of the Toronto Stock Exchange extended its C$3.8 billion ($3.85 billion) takeover offer.
Maple Group, whose 13 members include some of Canada’s biggest banks as well as pension funds, a big insurer and other financial groups, extended its offer for a seventh time after the market close on Monday, this time to May 31 .
It also said it will pay C$175 million to buy Alpha Group, TMX’s main competitor, which is owned in part by Canada’s big banks, and C$167.5 million to buy the Canadian Depository for Securities Ltd clearing system.
Shares of TMX rose 55 Canadian cents, or 1.2 percent, to C$45.66 at the open on the Toronto Stock Exchange, but were still below Maple’s C$50 a share offer for TMX.
Reporting By Jennifer Kwan; Editing by Peter Galloway