We told you they would be back. And they surely are. In a hostile takeover bid for TMX, Maple Group, a consortium of five of the country’s largest pension funds and four Canadian bank-owned investment dealers, has decided to go directly to TMX shareholders to seek their support and to scupper the proposed LSE deal.

In an announcement today, Maple revealed their intention to commence their “superior offer” to acquire all of the issued and outstanding common shares of TMX Group Inc. in a transaction valued at approximately $3.6 billion.

The decision comes close on the heels of TMX Group’s rejection of the bid which Maple insists is superior to that of the proposed London Stock Exchange. The move assumes particular significance as it comes shortly after the announcement that shareholders of the TMX Group and the London Stock Exchange PLC, in an expedited meeting, will vote on their U.S. $3 billion merger plan at the end of June.

“We are disappointed that the TMX Board declined our repeated invitations to engage us in discussions,” said Luc Bertrand, vice-chairman of National Bank Financial Group, speaking on behalf of Maple investors. “Had they done so, we are confident that we could have addressed any questions or concerns they might have regarding our superior proposal. By choosing not to do so, and now by accelerating the timing of their meeting to consider the LSE take-over, they have given us no choice but to make our offer available directly to TMX Group shareholders.”

“If at some later date the Board wishes to engage with us,” he added, “we will be pleased to have that discussion.”

Addressing TMX group’s concerns over regulatory approval, Bertrand reiterated the group can obtain all necessary shareholder and regulatory approvals and close the transaction by late fall.

“We believe our offer provides superior value for TMX Group shareholders, and provides a superior outcome for all participants in the Canadian capital markets,” he added full of confidence that “our bid will be successful.”

Maple’s latest move hasn’t gone down well with LSE chief Xavier Rolet who warned Maple’s “hermetically sealed silo” model would create a near monopoly in trading in Canada and hurt competition.

Rolet has also been playing up the ‘trans-Atlantic’ advantage of the merged entity while assuring the creation of an operator that will not stifle competition in the Canadian market.

The bidding war intensified last week when the TMX board rejected Maple’s deal as inadequate and lacking in detail.

Under the terms of its offer, Maple will acquire all of the issued and outstanding common shares of TMX Group for, at the election of each shareholder, $48 in cash per TMX Group share or one common share of Maple per TMX Group share, in each case subject to pro ration.

Maple group has assured that the combined Maple-TMX will continue to be an independent public company governed by an independent board of directors and subject to oversight by provincial securities regulators. Control of the company, too, will remain in the marketplace.

Under the proposed deal, existing shareholders of TMX Group will own approximately 40% of Maple’s outstanding shares, the public pension fund investors will own approximately 35% and the bank-owned investment dealers will own approximately 25%.

Additionally, no shareholder of Maple would own more than 10% of Maple’s total shares outstanding, consistent with the existing regulatory framework.

Spokespersons for TMX and LSE did not immediately respond to requests for comment on Maple’s latest move.