Speaking on behalf of Maple’s investors, Luc Bertrand said, "Maple’s offer continues to provide superior value and more upside potential than the LSE take-over, as well as a better outcome for the Canadian capital markets. In order to help preserve the opportunity to accept our superior offer, TMX Group shareholders are encouraged to act now to vote against the LSE take-over."
Last week, Maple enhanced the terms of its offer by increasing the offer price to $50 per share and increasing the number of shares to be purchased for cash under the offer from 70% to a maximum of 80% of the TMX Group shares.
Maple’s offer price represents a premium of approximately 25% over the volume-weighted average price of the TMX Group shares on the Toronto Stock Exchange for the 20 trading days ending on 12 May 2011, the day prior to the date when Maple presented its acquisition proposal to the Board of Directors of TMX Group, and a 30% premium over the implied value of the LSE take-over plan based on the closing price of the shares of LSE and the Bank of Canada noon exchange rate on 12 May 2011.
