New bidder for Toronto exchange has LSE on hop

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

Maple, a group of 13 Canadian banks and pension funds, raised its cash offer from C$48 to $50 a share, increasing it total value to C$3.8 billion (£2.44 billion). It also said it wants to buy 80% of TMX's shares, up from its previous 70%.

The LSE is attempting to cement an all-share merger with TMX that values the Canadian business at slightly less than the consortium bid. Last night the offer was sweetened with promises of special dividends to both sets of shareholders. TMX investors would get a C$4 dividend and LSE holders 84.1p if the deal is completed.

But the speed and relatively aggressive way in which Maple responded clearly caught the LSE and its advisers on the hop. Its shares today dropped 61⁄4p to 9633⁄4p.

"The ball is firmly back in Xavier's court," said one investor. "He has got to do a transformational deal or he could well face being taken over himself."

The LSE has failed to merge with Deutsche Börse and seen off two takeover bids from Nasdaq OMX in the past decade. Competition and leaps and bounds in technology have made it increasingly difficult for traditional exchanges to increase their profits.