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TMX Broadcast Centre manager Kris Backus pauses in front of the centre's display board in Toronto on Monday May 16, 2011. (Frank Gunn/THE CANADIAN PRESS)
TMX Broadcast Centre manager Kris Backus pauses in front of the centre's display board in Toronto on Monday May 16, 2011. (Frank Gunn/THE CANADIAN PRESS)

The CDS + Alpha = TMX value equation Add to ...

Ask Luc Bertrand what the Maple Group consortium will have to pay to fulfill its vision of an integrated, Canadian-owned exchange company, and he'll tell you that he can't tell you.

You'll just have to do the math, is the stock answer from Mr. Bertrand, the man who has become the public face of the nine-member Maple Group since it rolled out a hostile takeover bid for TMX Group Inc. that it values at $48 a share.

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