TORONTO (Reuters) - A proposal by a group of Canadian banks and pension funds to take over the operator of the Toronto Stock Exchange offers cost savings and opportunities for international growth, the group said on Monday.
A consortium calling itself the Maple Group Acquisition Corp is proposing a C$3.6 billion ($3.7 billion) deal to buy TMX Group, aiming to derail a $3 billion friendly bid for the exchange operator from the London Stock Exchange.
LSE and TMX have also touted their deal, announced in February, as creating a more diversified and international company.
Their proposed combination has raised concerns in Canada about a national institution falling under control of a foreign-based company.
Shares of TMX surged 6.6 percent in early trade on Monday to C$44.42.
(Reporting by Pav Jordan and Solarina Ho; Writing by Frank McGurty)
