Maple Group Acquisition Corp, made up of four of Canada's leading banks and the nation's largest pension fund administrators, confirmed on Sunday the details of a C$3.6 billion proposal to take over the TMX Group.

The C$48 per share cash and equity takeover proposal from Maple Group trumps a friendly $3 billion bid from the London Stock Exchange, which critics say would move control of the country's largest stock market to London.

Upon completion of the transaction, existing shareholders of TMX Group would own approximately 40 percent of Maple's outstanding shares, the pension fund investors would own approximately 35 percent and the bank-owned investment dealers would own approximately 25 percent, Maple Group said in a statement. No shareholder of Maple would own more than 10 percent of Maple's total shares outstanding, consistent with the existing regulatory framework.

(Reporting by Pav Jordan in Toronto; Editing by Richard Chang)

Canada