In a deal valued an estimated $3.7bn or $49.50 a share, a group of Canadian pension funds and banks collectively known as Maple Group Acquisition, confirmed late on Sunday that it has submitted a tender to buy all of TMX Group’s shares.

The bid by Maple Group to buy the operator of the Toronto Stock Exchange was 20 percent higher than the bid by LSE and was submitted by the group in the hope of derailing a planned merger between the LSE and TMX.

Canadian banks had previously criticised the potential transatlantic merger, saying it could lead to foreign control of Canada’s capital markets and lessen Toronto’s position as a financial hub.

Investors in Maple Group include Canada Pension Plan Investment Board, Alberta Investment Management, Fonds de solidarite des travailleurs du Quebec, Scotia Capital, Caisse de depot et placement du Quebec, CIBC World Markets, National Bank Financial, Ontario Teachers’ Pension Plan Board, and TD Securities.