Maple Group has answered one of the big questions in the TMX Group Inc. derby: How nimble can a group of 13 financial institutions be?
By raising their hostile offer only hours after London Stock Exchange Group Plc and TMX Group sweetened their friendly merger plan, the Maple members showed that they can be very nimble indeed.
Maple had been ready for a higher offer after LSE signalled last week that it was open to raising its bid. ( Click here for a story on Xavier Rolet, the LSE CEO, telling the Globe that he was "reviewing" the LSE-TMX proposal.) Maple's agility had been an open question. Managing 13 diverse interests and institutions at one table is cumbersome, and there was a view that LSE might be able to exploit that with an increase that put the pressure on Maple to respond.
For a group of 13 bidders to agree on a higher offer, with significantly more cash, in just hours is a strong signal that LSE won't be able to beat Maple on agility alone.