TMX Groupshares are up nearly eight per cent after the firm that operates the Toronto Stock Exchange received a multi-billion-dollar homegrown takeover bid.
Stock in TMX Group gained $3.21 to $44.96 in early morning trading on the TSX in the first trading after the announcement.
Maple Group Acquisition Corp. - comprised of four big banks and five pension funds - submitted a $3.6-billion bid, or $48 per share for TMX Group over the weekend.
It would see the stock markets operator stay in Canadian hands and have a broad ownership base.
The 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 TMX and LSE argue their combination will create a global player, including the leading market for mining stocks, with the size necessary to compete.