ISS urges shareholders to reject rival Maple Group bid for Toronto Stock Exchange
Advisory firm ISS is urging Toronto Stock Exchange shareholders to vote in favour of the proposed merger with the London Stock Exchange. The firm said there is little incentive for shareholders to accept the rival bid being advanced by Maple Group, a consortium of Canadian banks and pension funds who say control of the TMX should remain in Canada. “We recommend shareholders take the bird in hand and vote for the proposed merger-of-equals with the LSE,” the firm was quoted as saying by Reuters. ISS also said the merger with LSE would give the TMX a better competitive position in the global economy. Shareholders will vote on whether to accept the LSE merger bid on June 30.