A group of Canadian banks and pension funds mounting a hostile bid for the TMX Group said on Sunday they have added more partners to the effort to top a rival offer from the London Stock Exchange Group.
The so-called "Maple Group" said Desjardins Financial Group, GMP Capital Inc, Dundee Capital Markets and Manulife Financial had agreed to join the C$3.6 billion ($3.7 billion) bid for the operator of the Canada's main bourse.
Maple Group, which takes its name from Canada's patriotic maple leaf symbol, says their offer is financially superior to the C$3.5 billion bid from the London Exchange and will keep ownership of the TMX within the country's borders.
Maple Group's original members were Toronto Dominion Bank, Canadian Imperial Bank of Commerce, National Bank of Canada, Bank of Nova Scotia, plus five pension funds including Caisse de depot et placement du Quebec and the Ontario Teachers Pension Plan Board.