TMX Group, the organization that operates the Toronto Stock Exchange, has declined a C$3.6-billion takeover offer from all-Canadian Maple Group.
The bid was an attempt to prevent a merger between TMX Group and LSEG, the operators of the London Stock Exchange, announced in early February.
The merger between the two operators is intended to create one of the world's largest stock exchanges, and to move the newly merged corporation into a more powerful position in an increasingly competitive, global market.
In a news release on TMX group's website, Wayne Fox, the chair of TMX's board of directors, is quoted:
"The Board's view is that the merger with LSEG continues to be in the best interests of TMX Group and its shareholders and stakeholders."
Maple Group, an organization composed of a number of Canadian banking companies and pension funds, made their bid earlier this week.
The Maple bid was valued at a 24 per cent premium over that offered by LSEG, and was billed as "a truly Canadian solution" that would keep jobs in the Canadian market. It also encouraged some speculation in TMX shares.