A Royal Bank of Canada (RBC) logo is seen at a branch in Toronto.© Mark Blinch / Reuters
The latest development in the TMX Group Inc. saga is like the playground all over again. You don't want to come to my party? Good, because I'd never invite you in a million years.
Royal Bank of Canada has long maintained it doesn't want to join the Maple consortium planning to buy TMX Group Inc. Now Maple says RBC wouldn't be let in anyway. So there.
According to Dow Jones, Maple is confirming that it would not allow RBC or Bank of Montreal, the only two big banks outside of Maple still, to join.
Maple made the decision last fall, but is only now confirming it, according to the report. It goes on to say that one reason for keeping two banks out of Maple is to avoid any complications with the Competition Bureau, which is reviewing the bid for TMX Group.
RBC could not have been part of the Maple bid at the beginning, even if the bank wanted to be, because RBC was advising London Stock Exchange Group PLC on its bid to merge with TMX. That plan was dropped last summer, but RBC made no attempt to join Maple.
BMO, similarly, was advising TMX on the LSE plan. It's now advising TMX on the proposal to be acquired by Maple.