Dominion Lending Centres Clearlease Reports TMX Group (TSX:X) shares jump eight per cent on competing bid
VANCOUVER, BC (May 16, 2011) Clearlease Reports The homegrown group making a competing $3.6-billion bid for TMX Group (TSX:X) says it would maintain current management, staffing levels and shareholder dividends if it wins the battle for the operator the Toronto Stock Exchange.
“This is a superior outcome for Canadian capital markets,” Luc Bertrand, vice-chairman of National Bank Financial and spokesman for Maple Group Acquisition Corp. said on a conference call Monday with investors and analysts.
The group — comprised of four big banks and five pension funds — made a $48 per share bid for the firm over the weekend — a 24 per cent premium over that offered in a merger opportunity with the London Stock Exchange.
The bid, made over the weekend, comes as TMX Group is in the midst of an attempted merger with the London Stock Exchange which would create a $6-billion entity and form the world’s eighth-biggest securities market.
The proposed “merger of equals,” which would actually be a takeover by the LSE Group, has been criticized by the Ontario government and big Canadian banks, among others, due to concerns that the deal could allow foreign interests to dominate decision-making on Canada’s largest stock exchange.
Bertrand said Maple’s proposed deal is far superior to the LSE offer because It would see the stock markets operator stay in Canadian hands and have a broad ownership base.
In addition, he said, it would reduce costs of the operator through the planned acquisition of bank-owned alternative trading company Alpha and CDS Inc., a clearing and depository firm, to create a bigger Canadian-based exchange.
The big players involved in the takeover group are also some of the exchanges biggest customers, Bertrand said.
“Each Maple investor is here because it believes it can create significant value for its own shareholders and planned beneficiaries,” he said.
“We believe with the significant premium … and the sponsorship of several of the largest market participants, this is clearly setting out a path for greater value.”
Maple’s investors include: CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Alberta Investment Management Corporation, Caisse de depot et placement du Quebec, Fonds de solidarite des travailleurs du Quebec and Ontario Teachers’ Pension Plan Board.
Maple Group said it would seek Competition Bureau approval for such a merger, but its bid is not conditional on that. It added that its $48 a share cash and stock swap bid will allow the TMX Group to achieve the scale and efficiency it needs to succeed in an increasingly competitive marketplace.
The TMX Group said it would consider the proposal, while going ahead with obtaining regulatory approval, including a greenlight from Industry Canada, for the LSE merger deal.
LSE Group said Monday that it remains committed to its merger with TMX, despite the competing bid.
“The proposal from Maple is not a formal offer for TMX and accordingly there is no certainty that such an offer will be forthcoming,” it said in a statement.
The TMX and LSE argue their combination will create a global player, including the leading market for mining stocks, with the size necessary to compete.
The stock exchange industry has been undergoing years of consolidation, resulting in the fewer independent regional markets and more large, diverse organizations capable of addressing the global economy.
On Monday, the companies that own the Nasadaq stock market and InterContinental Exchange withdrew their attempt to buy NYSE Euronext — which owns the New York Stock Exchange.
That removes an obstacle to NYSE Euronext’s previous $10 billion deal to combine with the German exchange operator Deutsche Boerse.
Stock in TMX Group gained seven per cent or $3 to $44.75 Monday morning on the TSX in the first trading since the announcement.
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
Video Link: http://youtu.be/f_kk7WJa7Uk
VANCOUVER, BC (May 16, 2011) Clearlease Reports The homegrown group making a competing $3.6-billion bid for TMX Group (TSX:X) says it would maintain current management, staffing levels and shareholder dividends if it wins the battle for the operator the Toronto Stock Exchange.
“This is a superior outcome for Canadian capital markets,” Luc Bertrand, vice-chairman of National Bank Financial and spokesman for Maple Group Acquisition Corp. said on a conference call Monday with investors and analysts.
The group — comprised of four big banks and five pension funds — made a $48 per share bid for the firm over the weekend — a 24 per cent premium over that offered in a merger opportunity with the London Stock Exchange.
The bid, made over the weekend, comes as TMX Group is in the midst of an attempted merger with the London Stock Exchange which would create a $6-billion entity and form the world’s eighth-biggest securities market.
The proposed “merger of equals,” which would actually be a takeover by the LSE Group, has been criticized by the Ontario government and big Canadian banks, among others, due to concerns that the deal could allow foreign interests to dominate decision-making on Canada’s largest stock exchange.
Bertrand said Maple’s proposed deal is far superior to the LSE offer because It would see the stock markets operator stay in Canadian hands and have a broad ownership base.
In addition, he said, it would reduce costs of the operator through the planned acquisition of bank-owned alternative trading company Alpha and CDS Inc., a clearing and depository firm, to create a bigger Canadian-based exchange.
The big players involved in the takeover group are also some of the exchanges biggest customers, Bertrand said.
“Each Maple investor is here because it believes it can create significant value for its own shareholders and planned beneficiaries,” he said.
“We believe with the significant premium … and the sponsorship of several of the largest market participants, this is clearly setting out a path for greater value.”
Maple’s investors include: CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Alberta Investment Management Corporation, Caisse de depot et placement du Quebec, Fonds de solidarite des travailleurs du Quebec and Ontario Teachers’ Pension Plan Board.
Maple Group said it would seek Competition Bureau approval for such a merger, but its bid is not conditional on that. It added that its $48 a share cash and stock swap bid will allow the TMX Group to achieve the scale and efficiency it needs to succeed in an increasingly competitive marketplace.
The TMX Group said it would consider the proposal, while going ahead with obtaining regulatory approval, including a greenlight from Industry Canada, for the LSE merger deal.
LSE Group said Monday that it remains committed to its merger with TMX, despite the competing bid.
“The proposal from Maple is not a formal offer for TMX and accordingly there is no certainty that such an offer will be forthcoming,” it said in a statement.
The TMX and LSE argue their combination will create a global player, including the leading market for mining stocks, with the size necessary to compete.
The stock exchange industry has been undergoing years of consolidation, resulting in the fewer independent regional markets and more large, diverse organizations capable of addressing the global economy.
On Monday, the companies that own the Nasadaq stock market and InterContinental Exchange withdrew their attempt to buy NYSE Euronext — which owns the New York Stock Exchange.
That removes an obstacle to NYSE Euronext’s previous $10 billion deal to combine with the German exchange operator Deutsche Boerse.
Stock in TMX Group gained seven per cent or $3 to $44.75 Monday morning on the TSX in the first trading since the announcement.
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
Video Link: http://youtu.be/f_kk7WJa7Uk
Dominion Lending Centres Clearlease Reports TMX Group (TSX:X) shares jump eight per cent on competing bid
VANCOUVER, BC (May 16, 2011) Clearlease Reports The homegrown group making a competing $3.6-billion bid for TMX Group (TSX:X) says it would maintain current management, staffing levels and shareholder dividends if it wins the battle for the operator the Toronto Stock Exchange.
“This is a superior outcome for Canadian capital markets,” Luc Bertrand, vice-chairman of National Bank Financial and spokesman for Maple Group Acquisition Corp. said on a conference call Monday with investors and analysts.
The group — comprised of four big banks and five pension funds — made a $48 per share bid for the firm over the weekend — a 24 per cent premium over that offered in a merger opportunity with the London Stock Exchange.
The bid, made over the weekend, comes as TMX Group is in the midst of an attempted merger with the London Stock Exchange which would create a $6-billion entity and form the world’s eighth-biggest securities market.
The proposed “merger of equals,” which would actually be a takeover by the LSE Group, has been criticized by the Ontario government and big Canadian banks, among others, due to concerns that the deal could allow foreign interests to dominate decision-making on Canada’s largest stock exchange.
Bertrand said Maple’s proposed deal is far superior to the LSE offer because It would see the stock markets operator stay in Canadian hands and have a broad ownership base.
In addition, he said, it would reduce costs of the operator through the planned acquisition of bank-owned alternative trading company Alpha and CDS Inc., a clearing and depository firm, to create a bigger Canadian-based exchange.
The big players involved in the takeover group are also some of the exchanges biggest customers, Bertrand said.
“Each Maple investor is here because it believes it can create significant value for its own shareholders and planned beneficiaries,” he said.
“We believe with the significant premium … and the sponsorship of several of the largest market participants, this is clearly setting out a path for greater value.”
Maple’s investors include: CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Alberta Investment Management Corporation, Caisse de depot et placement du Quebec, Fonds de solidarite des travailleurs du Quebec and Ontario Teachers’ Pension Plan Board.
Maple Group said it would seek Competition Bureau approval for such a merger, but its bid is not conditional on that. It added that its $48 a share cash and stock swap bid will allow the TMX Group to achieve the scale and efficiency it needs to succeed in an increasingly competitive marketplace.
The TMX Group said it would consider the proposal, while going ahead with obtaining regulatory approval, including a greenlight from Industry Canada, for the LSE merger deal.
LSE Group said Monday that it remains committed to its merger with TMX, despite the competing bid.
“The proposal from Maple is not a formal offer for TMX and accordingly there is no certainty that such an offer will be forthcoming,” it said in a statement.
The TMX and LSE argue their combination will create a global player, including the leading market for mining stocks, with the size necessary to compete.
The stock exchange industry has been undergoing years of consolidation, resulting in the fewer independent regional markets and more large, diverse organizations capable of addressing the global economy.
On Monday, the companies that own the Nasadaq stock market and InterContinental Exchange withdrew their attempt to buy NYSE Euronext — which owns the New York Stock Exchange.
That removes an obstacle to NYSE Euronext’s previous $10 billion deal to combine with the German exchange operator Deutsche Boerse.
Stock in TMX Group gained seven per cent or $3 to $44.75 Monday morning on the TSX in the first trading since the announcement.
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
Video Link: http://youtu.be/f_kk7WJa7Uk