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Tom Kloet, CEO of TMX Group, says the competition factor is a 'significant hurdle' for Maple Group. (Chris Young/THE CANADIAN PRESS)
Tom Kloet, CEO of TMX Group, says the competition factor is a 'significant hurdle' for Maple Group. (Chris Young/THE CANADIAN PRESS)

TMX snubs its suitor Add to ...

TMX Group Inc. is refusing to jump into Maple Group's open arms, marking the beginning of what could be a long dance between the TMX board of directors and the bank-led consortium that wants to buy the company.

After TMX terminated its merger with the London Stock Exchange earlier this week, Maple, a group of 13 financial institutions that includes four major banks, signalled that it wants to turn its hostile $50-a-share bid into a friendly deal. On Thursday, TMX chief executive officer Tom Kloet said "we're not anywhere near" friendly negotiations with other parties.

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